Bristow Group prices $400M of secured bonds to yield 6.875%; terms

Bristow Group Inc. has priced a $400 million offering of seven-year secured notes tight of guidance, sources said. The deal was led by Credit Suisse.

Proceeds of the deal, together with cash, will repay a $355.9 million secured equipment loan and the remaining $132 million of its 7.75% senior notes due 2022. Of the equipment loan, about $152 million is outstanding with Macquarie Bank and $203.9 million with PK AirFinance.

Ahead of pricing, documents for the transaction were revised, where the general restricted payments basket will be changed to reflect the greater of $25 million and 3% of consolidated net tangible assets (updated from $25 million and 10% of CNTA).

Bristow provides helicopter services for oil and gas transportation and search and rescue services for civil and government organizations worldwide.

Terms: