Bristow Group Inc. Completes Redemption of Its 6 1/8% Senior Notes Due 2013
HOUSTON, Dec. 23, 2010 /PRNewswire/ -- Bristow Group Inc. (NYSE: BRS), the leading provider of helicopter services to the offshore energy industry, today announced that it has completed the redemption of its $230 million face value 6 1/8% Senior Notes due June 2013. The notes were redeemed at 101.021% of face value, or approximately $232 million, plus accrued and unpaid interest of approximately $0.3 million. Bristow used borrowings under its new $375 million secured bank credit agreement to fund the redemption. Bristow expects to recognize a non-cash expense on retirement of the notes of approximately $2.4 million pre-tax related to unamortized debt issuance cost.
Statements regarding expense on retirement, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to the adequacy of sources of liquidity and factors detailed in Bristow's filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
ABOUT BRISTOW GROUP INC.
Bristow Group Inc. is the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated and one of two helicopter service providers to the offshore energy industry with global operations. The Company has major transportation operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Brazil, Mexico, Russia and Trinidad. For more information, visit the Company's website at http://www.bristowgroup.com/.
Linda McNeill Investor Relations (713) 267-7622
SOURCE Bristow Group Inc.
Released December 23, 2010