PHI Prices $500 Mln Senior Notes

(RTTNews) - PHI, Inc. (PHII, PHIIK) said Thursday that it has agreed to sell $500 million of newly-issued unsecured five-year senior notes.

The senior notes due 2019 were priced at par with a coupon rate of 5.25%.

The offering is expected to close on March 17.

The company plans to use a portion of the net proceeds from the offering to fund its pending tender offer and consent solicitation for all $300 million aggregate principal amount of its outstanding 8.625% Senior Notes due 2018 and the redemption of any of the 2018 Notes not purchased in the tender offer.

PHI plans to use the remaining net proceeds to repay all outstanding indebtedness under its revolving credit facility and for other general corporate purposes, including the purchase of aircraft.