CHC Helicopter buys back $392 million of 7 3/8% notes in tender offer

By Susanna Moon

Chicago, Sept. 16 - CHC Helicopter Corp. said it repurchased $392 million of its 7 3/8% senior subordinated notes due 2014 in the tender offer that expired midnight ET on Monday.

The offer was announced on May 27.

The company also said amendments to the notes are now operative. CHC had sought consents to amend the note indenture to remove all restrictive covenants.

The company previously said it would pay $1,040 per $1,000 principal amount, which includes a $5 consent payment for notes tendered by 5 p.m. ET on June 24, the consent deadline. The payout was increased on June 17 from $1,015 for each $1,000 principal amount.

The offer and consent solicitation were made in connection with the acquisition of all of CHC's outstanding class A subordinate voting shares and class B multiple voting shares by First Reserve Corp., a private equity firm.

Morgan Stanley & Co. Inc. (800 624-1808 or collect at 212 761-1941) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (888 869-7406 or collect at 212 269-5550 for banks and brokers) is the information agent.

CHC Helicopter is a Vancouver, B.C., provider of helicopter transportation services to the oil and gas industry.

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