Petroleum Helicopters, Inc. Announces Issuance of Shares to Cover Over-Allotments
June 27 2005 - 11:15AM
Business Wire
Petroleum Helicopters, Inc. ("PHI") (Nasdaq:PHEL) (Nasdaq:PHELK)
announced today the issuance and sale of an additional 637,500
shares of its non-voting common stock to cover over-allotments
relating to its recent offering of 4,250,000 shares of non-voting
common stock on June 14, 2005. The additional shares were sold at
the public offering price of $25.00 per share pursuant to the
exercise, in full, of the over-allotment option granted to the
underwriters. Net proceeds to PHI from the exercise of the
over-allotment option totaled approximately $15 million, bringing
PHI's total net proceeds from the offering to approximately $114
million, net of expenses. PHI intends to use substantially all of
the net proceeds of the offering toward the expansion of its
aircraft fleet. In addition, PHI will use a portion of the net
proceeds to repay the indebtedness outstanding under its revolving
credit facility, a significant portion of which was incurred to
purchase new aircraft. UBS Investment Bank was the sole
book-running manager and a joint lead manager with Lehman Brothers
Inc. for the offering. Howard Weil Incorporated and Simmons and
Company International acted as co-managers for the offering. A copy
of the prospectus supplement and related base prospectus relating
to this offering may be obtained from UBS Investment Bank, Attn:
Prospectus Department, 25th Floor, 299 Park Avenue, New York, New
York, 10019, Phone: (212) 821-3884, or from any of the other
underwriters. This news release does not constitute an offer to
sell or a solicitation of an offer to buy the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering may be made
only by means of a prospectus and related prospectus supplement.
Except for the historical information contained herein, the matters
discussed in this news release are forward-looking statements that
involve certain risks and uncertainties. These risks and
uncertainties include, among other things, the stability of the
capital markets, and other factors and uncertainties inherent in
providing helicopter transportation and related services discussed
in PHI's filings with the Securities and Exchange Commission. PHI
provides helicopter transportation and related services to
customers in the oil and gas industry and for air medical programs.
PHI's non-voting common stock and voting common stock are traded on
The Nasdaq National Market System.
Petroleum Helicopters (NASDAQ:PHELK)
Historical Stock Chart
From May 2024 to Jun 2024
Petroleum Helicopters (NASDAQ:PHELK)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Petroleum Helicopters - Non-Voting Common Stock (MM) (NASDAQ): 0 recent articles
More Petroleum Helicopters News Articles