PHI Completes Offering of $300 Million 8.625% Senior Notes

PHI, Inc. PHII announced today that it had completed its previously announced private offering of $300 million 8.625% Senior Notes due 2018. PHI also announced that it had accepted for purchase and payment all of the approximately $189.5 million of its $200.0 million outstanding aggregate principal amount of 7.125% Senior Notes due 2013 that were validly tendered prior to 5:00 p.m., New York City time, on September 22, 2010 and not validly withdrawn pursuant to its previously announced cash tender offer and consent solicitation for the Notes, which commenced on September 9, 2010. Payment of the Notes pursuant to the Initial Settlement was made today and holders who tendered their Notes prior to the Consent Deadline will receive a consent payment of $30 per $1,000 principal amount of the Notes validly tendered and accepted for purchase, in addition to the tender offer consideration of $1,008.13 per $1,000 principal amount of Notes, plus accrued and unpaid interest on those Notes, in accordance with the terms of PHI's Offer to Purchase and Consent Solicitation Statement.