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Bristow gets tenders for $337.93 million 7½% notes due 2017 to date
By Susanna Moon
Chicago, Oct. 12 - Bristow Group Inc. said it received tenders for $337,932,000 of its $350 million outstanding principal amount of 7½% senior notes due 2017 by 5 p.m. ET on Oct. 11, the consent expiration.
As noted before, holders who tendered their notes by the consent deadline will receive the total purchase price of $1,041.50 for each $1,000 principal amount, including a consent payment of $30.00.
Those who tender after the consent expiration will receive the tender offer payment of $1,011.50 per $1,000 principal amount.
The tender offer will continue to run until 11:59 p.m. ET on Oct. 25. The offer began on Sept. 27.
The company also will pay accrued interest up to but excluding the settlement date, which could be as early as Oct. 12 for notes tendered by the consent date.
Bristow also is soliciting consents to eliminate most of the covenants and some events of default.
Holders may no longer withdraw tendered notes.
Funding for the tender offer will come from proceeds from a new senior unsecured debt offering.
The tender offer is conditioned on receiving enough consents to amend the notes, execution of a supplemental indenture implementing the amendments and completion of financing.
Bristow priced an upsized, restructured $450 million issue of 10-year senior notes at par to yield 6¼% on Sept. 27, and it closed on a $225 million senior secured 364-day term loan initially priced at Libor plus 200 basis points on Oct. 4, with both deals previously reported by Prospect News.
Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-7249) is the dealer manager. D.F. King & Co., Inc. (800 967-4607) is the tender and information agent.
Bristow is a Houston-based offshore transportation services provider to the oil and gas industry.
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