PHI gets needed tenders, consents to amend its 7 1/8% notes due 2013

By Devika Patel

Knoxville, Tenn., Sept. 22 - PHI, Inc. said that as of 5 p.m. ET on Sept. 22, holders of over 94.75% of its 7 1/8% senior notes due 2013 had surrendered their holdings as part of the company's cash tender offer and consent solicitation for all $200 million of the notes.

PHI is soliciting consents to adopt some amendments to the notes' indenture to eliminate substantially all restrictive covenants and some event-of-default provisions. The proposed amendments required the consents of holders of at least a majority of the notes, which the company has now obtained. It will execute a supplement to the notes' indenture to cement these changes.

The offer launched on Sept. 9 and is scheduled to expire at midnight ET on Oct. 6.

The company is offering $1,038.13 per $1,000 of tendered notes, which includes a consent payment of $30.00 per $1,000 of notes for those who tendered by the consent deadline of 5 p.m. ET on Sept. 22. All other tenders will receive $1,008.13. Holders will also receive accrued interest up to but excluding the payment date.

UBS Investment Bank (888 719-4210 or 203 719-4210) is the dealer manager. Global Bondholder Services Corp. (866 540-1500 or 212 430-3774) is the information agent and depositary.

Lafayette, La.-based PHI provides helicopter transportation and related services to the oil and gas industry and air medical industry.

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