CHC Helicopter, First Reserve close plan of arrangement

By Lisa Kerner

Charlotte, N.C., Sept. 16 - The merger of CHC Helicopter Corp. and First Reserve Corp. was completed on Tuesday, CHC announced.

The companies' C$3.7 billion plan of arrangement called for an affiliate of First Reserve, 6922767 Canada Inc., to acquire all outstanding class A subordinate voting shares and all of the outstanding class B multiple voting shares of CHC for C$32.68 per share, it was reported in February 2008.

CHC's cash tender offer for all of the company's 7 3/8% senior subordinated notes due 2014 and the related consent solicitation expired on Monday a CHC news release said.

Approximately $392 million principal amount of the notes was validly tendered to the offer and purchased by CHC, the company said.

Vancouver, B.C.-based CHC provides helicopter services to the offshore oil and gas industry. First Reserve is a private equity firm.

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