Key Developments For PHI, Inc.
PHI, Inc. (PHII.O) (Consolidated Issue listed on NASDAQ Global Market)
PHI Inc. Issues Q4 2006 EPS Guidance Below Analysts' Estimates
PHI Inc. announced that it expects to report a loss for the fourth quarter 2006 in the range of $0.32 to $0.36 per share on a fully diluted basis. The loss for the quarter was due primarily to the effects of the strike, which caused a decrease in revenue and an increase in certain costs, including pilot overtime and other associated costs. According to Reuters Estimates, analysts on an average were expecting the Company to report EPS of $0.16 for fourth quarter 2006.
PHI Inc. Announces Contract Awards
PHI Inc. announced that the Company was awarded a five-year contract to provide helicopter services for Shell Exploration & Production Company in the U.S. Gulf of Mexico, an extension of a 57 year relationship. The contract is for seven new Sikorsky S76C++ medium aircraft and two new EC135 light twin aircraft as they are delivered, along with other aircraft as required.
PHI Inc. Announces Issuance of Shares to Cover Over-Allotments
PHI Inc. announced the issuance and sale of an additional 578,680 shares of its non-voting common stock to cover over-allotments relating to its recent offering of 4,287,920 shares of non-voting common stock on April 12, 2006. The additional shares were sold at the public offering price of $35.00 per share pursuant to the exercise, in part, of the over-allotment option granted to the underwriters. Net proceeds to PHI from the exercise of the over-allotment option totaled approximately $19 million, bringing PHI's total net proceeds from the offering to approximately $160 million, net of expenses. PHI intends to use substantially all of the net proceeds of this offering to expand its aircraft fleet. UBS Securities LLC is the sole book-running manager for the offering.
PHI Inc. Announces Pricing of $200 Million of 7 1/8% of Senior Notes Due 2013
PHI Inc. announced that it has priced $200 million of senior notes due 2013, (an increase from the $150 million initially announced) which will carry an annual interest rate of 7.125%. The offering is expected to close on April 12, 2006.
PHI Inc. Prices Public Offering of Non-Voting Common Stock at $35 Per Share
PHI Inc. announced the pricing of its public offering of 4,287,920 shares of non-voting common stock at $35 per share to the public. The underwriters have a 30-day option to purchase up to an additional 643,188 shares of non-voting common stock from the Company, subject to certain conditions. All stock sold in the offering will be issued by the Company. Assuming no exercise of the underwriters' over-allotment option, the net proceeds to the Company before expenses will be approximately $142 million. The offering is expected to close on April 12, 2006. The Company intends to use substantially all of the net proceeds of this offering, together with the net proceeds from its concurrent private placement of $150 million in principal amount of new senior notes due 2013, to fund its pending tender offer and consent solicitation for its existing 9 3/8% senior notes and to expand its aircraft fleet. UBS Securities LLC is the sole book-running manager for the offering.
