Offshore Logistics extends waiver period for 6 1/8% notes due 2013, bank loans

By Jennifer Chiou

New York, Dec. 16 - Offshore Logistics, Inc. announced the extension of the waiver period for its 6 1/8% senior notes due 2013 to Jan. 16 from Dec. 15.

Offshore Logistics added it is also extending to Jan. 16 a similar waiver arrangement upon payment of a fee for its revolving credit facility and a term loan.

The waivers are related to compliance with financial reporting covenants and related compliance certificate and auditors' statement covenants in the notes' indenture.

Noteholders of record as of July 25 who delivered consents to the waiver in the company's consent solicitation that expired on Aug. 15 will receive an additional $2.50 per $1,000 principal amount of notes.

Global Bondholder Services Corp. is paying agent (866 873-7700 or call collect 212 430-3774).

Based in Lafayette, La., the company provides helicopter transportation to the oil and gas industry.

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