PHI, gets early tenders and consents for 8.625% senior notes due 2018

19 March 2014

PHI, Inc. (NASDAQ: PHII) (NASDAQ: PHIIK) said it has received tenders and consents from holders of 97.52 percent of the aggregate principal amount of its outstanding 8.625 percent senior notes due 2018 in connection with its solicitation for the notes.

PHI said it intends to execute a supplemental indenture to the indenture governing the notes to eliminate most of the restrictive covenants and certain events of default contained in the indenture.

PHI´s obligation to buy the notes is conditioned upon completion of its previously-announced sale of USD500,000,000 aggregate principal amount of 5.25 percent senior notes due 2019.

Any notes not tendered and purchased pursuant to the tender offer will remain outstanding and the holders thereof will be subject to the terms of the supplemental indenture even though they did not consent to the amendments.

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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