Offshore Logistics, Inc. Elects to Extend Waiver Period for 6 1/8% Senior Notes Due 2013
15 Novembro 2005 - 6:16PM
Business Wire
Offshore Logistics, Inc. (NYSE:OLG) announced today that it has
elected to extend the waiver period for complying with the
financial reporting covenants and related compliance certificate
and auditors' statement covenants in the indenture for its 6 1/8%
Senior Notes due 2013 (the "Notes") from November 15, 2005 to
December 15, 2005. Note holders of record as of July 25, 2005 who
delivered (and did not revoke) consents to the waiver in connection
with the Company's consent solicitation that expired on August 15,
2005 will receive payment of an additional fee equal to $2.50 per
$1,000 principal amount of Notes. In addition, if the Company does
not comply with the financial reporting covenants and related
compliance certificate and auditors' statement covenants on or
before December 15, 2005 and elects to pay on or before the third
business day following such date a further additional fee to
consenting holders in an amount equal to $2.50 per $1,000 principal
amount of Notes, the Company would have until January 16, 2006 to
comply with the financial reporting covenants and the compliance
certificate and auditors' statement covenants in the indenture. The
Company has retained Global Bondholder Services Corporation to
serve as paying agent of the additional fee to consenting holders.
Global Bondholder Services Corporation may be contacted by
telephone at (866) 873-7700 (toll-free) or (212) 430-3774 or in
writing at 65 Broadway, Suite 704, New York, NY 10006, Attention:
Corporate Actions. The Company also has elected to extend to
December 15, 2005 a similar waiver arrangement upon payment of a
fee for its revolving credit facility and a term loan under which
an affiliate of Offshore Logistics is borrower and Offshore
Logistics is a partial guarantor. Further, the Company may elect
upon payment of an additional fee to extend the waiver period to
January 16, 2006 for these bank facilities. Offshore Logistics,
Inc. is a major provider of helicopter transportation services to
the oil and gas industry worldwide. Through its subsidiaries,
affiliates and joint ventures, the Company provides transportation
services in most oil and gas producing regions, including the
United States Gulf of Mexico and Alaska, the North Sea, Africa,
Mexico, South America, Australia, Russia, Egypt and the Far East.
The Company's Common Stock is traded on the New York Stock Exchange
under the symbol OLG.
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