By Paul A. Harris
Portland, Ore., Feb. 23 – Bristow Group Inc. priced an upsized $350 million issue 8¾% five-year senior secured notes (B2/B+) at 99.016 to yield 9% on Friday, according to an informed source.
The issue size was increased from $300 million.
The notes priced in line with final talk that set out a coupon of 8¾%, a reoffer price of approximately 99 and a 9% yield.
Earlier yield talk was 9% to 9¼%.
Initial guidance was 9% to 9½%, according to market sources.
Along with the upsize there was also a covenant change.
Credit Suisse Securities (USA) LLC was the lead left bookrunner. Barclays was the joint bookrunner.
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.
| Issuer: | Bristow Group Inc.
|
| Amount: | $350 million, increased from $300 million
|
| Maturity: | March 1, 2023
|
| Securities: | Senior secured notes
|
| Lead left bookrunner: | Credit Suisse Securities (USA) LLC
|
| Joint bookrunner: | Barclays
|
| Coupon: | 8¾%
|
| Price: | 99.016
|
| Yield: | 9%
|
| Spread: | 637 bps
|
| First call: | March 1, 2020 at 104.375
|
| Equity clawback: | 35% at 108.75 until March 1, 2020
|
| Trade date: | Feb. 23
|
| Settlement date: | March 6
|
| Ratings: | Moody's: B2
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8¾% coupon at approximately 99 to yield 9%, from 9% to 9¼%
|
| Marketing: | Roadshow
|
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