Petroleum Helicopters Prices Public Offering
Petroleum Helicopters, Inc. (NASDAQ: PHEL) announced the pricing of its public offering of 4,250,000 shares of non-voting common stock (an increase from the 3,500,000 shares previously announced) at $25.00 per share to the public. The pricing was made pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission and declared effective on March 31, 2005. The underwriters have a 30-day option to purchase up to an additional 637,500 shares of non-voting common stock from the Company, subject to certain conditions. All stock sold in the offering will be issued by the Company. Assuming no exercise of the underwriters' over-allotment option, the net proceeds to the Company will be approximately $99 million.
PHI intends to use substantially all of the net proceeds of this offering toward the expansion of its aircraft fleet. In addition, PHI will use a portion of the net proceeds to repay the indebtedness outstanding under its revolving credit facility, a significant portion of which was incurred to purchase new aircraft. The offering is expected to close on June 14, 2005, subject to the satisfaction of customary closing conditions.
UBS Investment Bank is the sole book-running manager and joint lead manager with Lehman Brothers Inc. for the offering. Howard Weil Incorporated and Simmons and Company International are acting as co-managers for the offering.
A copy of the prospectus supplement and related base prospectus
relating to this offering may be obtained from UBS Securities LLC,
Attn: Prospectus Department, 25th Floor, 299 Park Avenue, New York,
New York, 10019, Phone: (212) 821-3884, or from any of the other
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