Bristow Group Prices Senior Notes
Bristow Group (NYSE: BRS) announced the pricing of its private offering of $50 million of senior notes due 2017. The notes priced at 101.25, plus accrued interest from September 15, 2007, and will carry an interest rate of 7 1/2%. The notes offered and Bristow's existing $300 million in principal amount of 7 1/2% senior notes due 2017 will have identical terms and will be treated as a single class of securities under the same indenture.
Bristow intends to use the net proceeds from the offering to fund additional aircraft purchases under commitments and options and for general corporate purposes. Interest is payable on March 15 and September 15 of each year, beginning March 15, 2008.
The closing of the senior notes offering is expected to occur on November 13, 2007, and is subject to the satisfaction of customary closing conditions. The notes will not initially be registered under the Securities Act of 1933 or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws.
The notes may be resold by the initial purchaser pursuant to Rule 144A
and Regulation S under the Securities Act.
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