PHI to pay down revolver borrowings with senior notes proceeds

By Sara Rosenberg

New York, March 5 - PHI Inc. plans to repay debt under its revolving credit facility using proceeds from a $500 million senior notes offering, according to a market source.

Remaining funds from the notes will be used to refinance 8 5/8% senior notes and to fund lease buyouts.

PHI is a Lafayette, La.-based provider of commercial helicopter services.

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