Bristow's Underwriters Exercise Over-Allotment Option

Bristow Group Inc. (NYSE:BRS) says that the underwriters for the recently completed public offering by Bristow have exercised their option to purchase an additional 600,000 shares of 5.5% mandatory convertible preferred stock to cover over-allotments. The sale of the additional shares by Bristow increased the net proceeds received by Bristow by $29.1 million to $222.8 million, which it intends to use to acquire aircraft and for working capital and other general corporate purposes, including acquisitions. The sale of the additional shares was completed on October 6, 2006.

With the sale of these additional shares the mandatory convertible preferred stock will, if not earlier converted and subject to certain adjustments, automatically convert on September 15, 2009 into no fewer than 5,324,960 shares of common stock and no more than 6,522,800 shares of common stock, depending on the average closing price of the common stock during a specified period preceding such date, as described in the prospectus. The mandatory convertible preferred stock will entitle holders to a fixed cumulative cash dividend of $2.75 per year, payable quarterly when, as and if declared by Bristow.

A copy of the prospectus relating to this offering may be obtained by contacting Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010 (Toll Free: 800-221-1037 or 212-538-5441 or Fax: 212-325-8057) or Goldman, Sachs & Co., Attn: Prospectus Dept., 85 Broad Street, New York, New York 10004 (Fax: 212-902-9316 or e-mail at

This release shall not constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Bristow Group Inc. is the leading provider of helicopter transportation services to the worldwide offshore energy industry based on number of aircraft operated. Through its subsidiaries, affiliates and joint ventures, the Company has major operations in the U.S. Gulf of Mexico and the North Sea, and operations in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Brazil, China, Mexico, Nigeria, Russia and Trinidad. Additionally, the Company is a leading provider of production management services for oil and gas production facilities in the U.S. Gulf of Mexico. The Company's common stock trades on the New York Stock Exchange under the symbol BRS.

Related Companies

Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $49.71/BBL 1.50%
Light Crude Oil : $48.7/BBL 2.05%
Natural Gas : $3.11/MMBtu 12.68%
Updated in last 24 hours