Bristow Group Inc. (NYSE: BRS) has announced the pricing of its previously announced underwritten offering of USD 125 million aggregate principal amount of 4.50% convertible senior notes due 2023, the company said.
The notes will bear interest at a rate of 4.50% per annum, payable semi-annually on June 1 and December 1 of each year, beginning June 1, 2018. The company has granted the underwriters an option to purchase up to an additional USD 18.75 million aggregate principal amount of notes to cover over-allotments. The closing of the offering is expected to occur on December 18, 2017 and is subject to customary closing conditions.
The company expects the net proceeds from the offering to be USD 121.4 million, or USD 139.8 million if the underwriters exercise their option to purchase additional notes in full.
Credit Suisse Securities (USA) LLC, Barclays Capital Inc. and BofA Merrill Lynch are acting as joint book-running managers and representatives of the underwriters. Citigroup Global Markets Inc., J.P. Morgan Securities LLC and SunTrust Robinson Humphrey, Inc. are acting as senior co-managers.
Bristow Group Inc. is the global industrial aviation services provider offering helicopter transportation, search and rescue (SAR) and aircraft support services, including maintenance and training, to government and civil organizations worldwide. Bristow has major operations in the North Sea, Nigeria and the US Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Russia and Trinidad. Bristow provides SAR services to the private sector worldwide and to the public sector for all of the UK on behalf of the Maritime and Coastguard Agency. For more information, visit Bristow´s website at www.bristowgroup.com.