Petroleum Helicopters Issues More Shares to Cover Over-Allotments
Petroleum Helicopters (Nasdaq: PHEL) announced the issuance and sale of an additional 637,500 shares of its non-voting common stock to cover over-allotments relating to its recent offering of 4,250,000 shares of non-voting common stock on June 14, 2005. The additional shares were sold at the public offering price of $25.00 per share pursuant to the exercise, in full, of the over-allotment option granted to the underwriters. Net proceeds to PHI from the exercise of the over-allotment option totaled approximately $15 million, bringing PHI's total net proceeds from the offering to approximately $114 million, net of expenses.
PHI intends to use substantially all of the net proceeds of the 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.
UBS Investment Bank was the sole book-running manager and a joint lead manager with Lehman Brothers Inc. for the offering. Howard Weil Incorporated and Simmons and Company International acted 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 Investment Bank,
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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