New Issue: CHC Helicopter prices $1.1 billion 9¼% 10-year secured notes at 98.399 to yield 9½%

By Paul A. Harris

St. Louis, Sept. 22 - CHC Helicopter SA priced a $1.1 billion issue of 9¼% 10-year senior secured notes (B1/B+) at 98.399 to yield 9½% on Wednesday, according to an informed source.

The yield printed at the wide end of the 9¼% to 9 ½% price talk.

Morgan Stanley, HSBC, RBC Capital Markets and UBS Investment Bank were the joint bookrunners.

Proceeds will be used to repay all outstanding debt under the company's existing senior credit facilities and to pay breakage fees on interest rate swaps.

The issuer is a commercial helicopter operator based in St. John's, Newfoundland.

Issuer:	CHC Helicopter SA
Issue:	Senior secured notes
Amount:	$1.1 billion
Proceeds:	$1.082 billion
Maturity:	Oct. 15, 2020
Bookrunners:	Morgan Stanley, HSBC, RBC Capital Markets, UBS Investment Bank
Co-manager:	Natixis Bleichroeder
Coupon:	9¼%
Price:	98.399
Yield:	9½%
Spread:	690 bps
Call features:	Make-whole call at Treasuries plus 50 bps until April 15, 2015, then callable at 104.625, 103.083, 101.542, par on or after April 15, 2018
Equity clawback:	For 35% at 109.25 until Oct. 15, 2013
Trade date:	Sept. 22
Settlement date:	Oct. 4
Ratings:	Moody's: B1
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	9¼% to 9½%
Marketing:	Roadshow

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