PHI prices USD500m senior notes due 2019

10 March 2014

PHI, Inc. (NASDAQ: PHII) (NASDAQ: PHIIK) said it has agreed to sell USD500m of newly-issued unsecured five-year senior notes.

The senior notes due 2019 were priced at par with a coupon rate of 5.25 percent. The offering is expected to close on March 17, 2014, subject to the satisfaction of customary closing conditions.

PHI said it intends to use a portion of the net proceeds from the offering to fund its pending tender offer and consent solicitation for all USD300m aggregate principal amount of its outstanding 8.625 percent senior notes due 2018 (the “2018 Notes) and the redemption of any of the 2018 notes not purchased in the tender offer. PHI intends to use the remaining net proceeds to repay all outstanding indebtedness under PHI´s revolving credit facility and for other general corporate purposes, including the purchase of aircraft.

PHI provides helicopter transportation and related services to a broad range of customers including the oil and gas and air medical industries and also provides third-party maintenance services to select customers.

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