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Offshore Logistics ups payment again in consent solicitation, extends further
New York, Aug. 11 - Offshore Logistics, Inc. said it has again increased the payment on offer in its solicitation of consents from holders of its 6 1/8% senior notes due 2013 to give it more time to file its financial reports and waive past defaults.
The company also extended the solicitation, this time to 5 p.m. ET on Aug. 15 from 5 p.m. ET on Aug. 11.
The consent fee on offer is now $6.25 per $1,000 principal amount, up from $5.00 per $1,000 principal amount previously and $2.50 originally.
As before, if Offshore Logistics does not comply with the financial reporting covenants by Nov. 15 it will pay a further fee of $2.50 per $1,000 principal amount to give it until Dec. 15. A further fee of $2.50 per $1,000 will give it until Jan. 16, 2006.
The offer was previously increased and extended on Aug. 9.
As announced on July 26, the Lafayette, La., provider of helicopter transportation to the oil and gas industry is asking for the deadline to file its 10-K for the fiscal year ended March 31, 2005 to be pushed back to Nov. 15, 2005 - and to Jan. 15, 2006 on payment of an additional fee.
Under the original terms, noteholders who consented would have received $2.50 per $1,000 principal amount and the same amount again if Offshore Logistics needed until the later time to file its report.
On June 16, Offshore Logistics received a notice from the trustee for the notes saying it was in breach of the financial reporting covenant and giving it 60 days to remedy the deficiency or a default would occur.
The solicitation is subject to conditions include the consent of holders of at least a majority of the notes.
Goldman, Sachs & Co. is solicitation agent (contact Credit Liability Management Group at 800 828-3182 or call collect 212 357-7867) and Global Bondholder Services Corp. is information agent (866 873-7700 or 212 430-3774).
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