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PHI Terminates Tender Offer for Its 5.25% Senior Notes Due 2019

Oct 15, 2018 08:50AM ● By Press Release

LAFAYETTE, La.--(BUSINESS WIRE)--PHI, Inc. announced Friday that it has terminated its previously-announced cash tender offer to purchase any and all of the $500 million aggregate principal amount of its outstanding 5.25% Senior Notes due March 2019 and its related consent solicitation, both of which were initially announced on June 18, 2018.

The press release confirmed the termination of the Tender OfferSolicitation, and made formal notification that the Company will not accept for purchase any 5.25% Senior Notes tendered in connection with the Tender Offer. All 5.25% Senior Notes previously tendered and not withdrawn will be promptly returned or credited back to their respective holders. The Company reserves the right to initiate a new tender offer or to purchase its outstanding bonds in the open market at a later date if conditions in the financing markets improve, but is under no obligation to do so.

As previously announced, the Company has recently refinanced its secured revolving credit facility and has engaged Houlihan Lokey as its financial advisor to assist the Company in exploring and evaluating a broad range of potential strategic alternatives to improve the Company’s liquidity and enhance shareholder value. There is no current timetable for completing this process and no assurance that it will result in any particular outcome. The Company does not intend to provide any updates on its process unless or until it determines that further disclosure is necessary or appropriate.

(The Nasdaq Select Global Market: PHII (voting); PHIIK (non-voting))