New Issue: Offshore Logistics upsizes 10-year notes to $230 million, yield 6 1/8%

By Paul A. Harris

St. Louis, June 17 - Offshore Logistics, Inc. sold an upsized offering of $230 million senior notes due June 15, 2013 (Ba2/BB+) at par to yield 6 1/8% on Tuesday, according to a syndicate source.

Price talk was 6 1/8%-6 3/8%. The deal was increased from $200 million.

Credit Suisse First Boston was the bookrunner for the Rule 144A deal. The syndicate also included Deutsche Bank Securities as joint lead manager and Howard Weill Labouisse Fredericks, Jefferies, Johnson Rice and Robert Baird as co-managers.

The Lafayette, La. helicopter transport services company will use proceeds to redeem notes and convertibles.

Issuer:	Offshore Logistics, Inc.
Amount:	$230 million (increased from $200 million)
Maturity:	June 15, 2013
Security description:	Senior notes
Bookrunner:	Credit Suisse First Boston
Coupon:	6 1/8%
Price:	Par
Yield:	6 1/8%
Spread:	292 basis points
Call features:	Callable on June 15, 2008 at 103.063, then at 102.642, 101.021, declining to par on June 15, 2011 and thereafter
Equity clawback:	Until June 15, 2006 for 35% at 106.125
Settlement date:	June 20, 2003
Ratings:	Moody's: Ba2
	Standard & Poor's: BB+
Rule 144A Cusip:	676255AK8
Price talk:	6 1/8%-6 3/8%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.