Bristow launches upsized $350 million five-year notes with 8¾% coupon at around 99 to yield 9%

By Paul A. Harris

Portland, Ore., Feb. 23 – Bristow Group Inc. upsized its offering of five-year senior secured notes (B2/B+) to $350 million from $300 million, according to an informed source.

Talk is finalized with a coupon of 8¾%, a reoffer price of approximately 99 and a 9% yield, the source said.

Earlier yield talk was 9% to 9¼%.

Initial guidance was 9% to 9½%, according to market sources.

Along with the upsize and finalized talk there was also a covenant change.

Orders were due to be reconfirmed by 12:15 p.m. ET on Friday, and the Rule 144A and Regulation S offering was set to price thereafter.

Credit Suisse Securities (USA) LLC is the lead left bookrunner. Barclays is the joint bookrunner.

The notes become callable after two years at par plus 50% of the coupon and feature a two-year 35% equity clawback and a 101% poison put.

The Houston-based provider of helicopter services to the offshore energy industry plans to use the proceeds to repay its term loan and fund cash on its balance sheet.

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