PHI completes debt offering

19 March 2014

PHI, Inc. (NASDAQ: PHII) (NASDAQ: PHIIK) said it has completed its private offering of USD500m of 5.25 percent senior notes due 2019.

The company said it used a portion of the net proceeds from the sale of the 2019 notes to concurrently purchase all of the approximately USD292.6m of its USD300.0m aggregate principal amount of 8.625 percent senior notes due 2018 that were tendered March 14.

The company said it also executed a supplemental indenture to the indenture governing the 2018 notes which eliminated most of the restrictive covenants and certain events of default contained in the indenture.

PHI said it has called for redemption all of the 2018 notes that remain outstanding after the completion of the tender offer at a “make-whole” redemption price to be determined in accordance with the terms of the 2018 notes.

PHI said it intends to use a portion of the remaining net proceeds from its sale of the 2019 notes to fund the tender or redemption of the 2018 notes that remain outstanding following the initial settlement. PHI intends to use the remaining net proceeds to repay all outstanding indebtedness under PHI´s revolving credit facility and for other general 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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