Bristow Group Inc., Houston, (NYSE: BRS) has redeemed $230 million of its 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. The company 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.
Bristow 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.
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