phi inc-voting (PHII) Key Developments
PHI Inc. Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2014
May 9 14
PHI Inc. reported consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported that operating revenues, net were $197,071,000 compared to $178,968,000 a year ago. Operating income was $27,976,000 compared to $21,987,000 a year ago. Loss before income taxes was $8,513,000 compared to earnings before income taxes of $14,730,000 a year ago. Net loss was $5,321,000 or $0.34 per basic and diluted share compared to net income of $8,838,000 or $0.57 per basic and diluted share a year ago. Net earnings, as adjusted were $12,939,000 compared to $8,838,000 a year ago. The decrease in earnings before taxes for the quarter ended March 31, 2014 is attributable to the non-recurring pretax charge of $29.2 million related to the early retirement of 8.625% Senior Notes, partially offset by increased profits in Oil and Gas and Technical Services segments.
PHI Inc., Annual General Meeting, May 08, 2014
Apr 18 14
PHI Inc., Annual General Meeting, May 08, 2014., at 08:00 Central Daylight. Location: Lafayette Hilton & Towers (Willow Room), 1521 West Pinhook Road. Agenda: To elect directors; to ratify the appointment of Deloitte & Touche, LLP as PHI's independent registered public accounting firm for the fiscal year ending December 31, 2014; and to transact such other business as may properly be brought before the meeting or any adjournments thereof.
PHI, Inc. Announces Final Results of Tender Offer and Consent Solicitation for 8.625% Senior Notes Due 2018
Mar 31 14
PHI Inc. (PHI) announced the final results of the previously-announced tender offer and consent solicitation (the Tender Offer) for all of its outstanding 8.625% Senior Notes due 2018 (the 2018 Notes). The Tender Offer expired at 12:00 midnight, New York City time, at the end of March 28, 2014 (the Expiration Time). As of the Expiration Time, $292,571,000 aggregate principal amount of the outstanding 2018 Notes (representing approximately 97.52% of the outstanding 2018 Notes) had been validly tendered and not validly withdrawn. All $292,571,000 aggregate principal amount of such notes were validly tendered before the early tender deadline on March 14, 2014 and purchased by PHI on March 17, 2014, and no additional 2018 Notes were tendered after such early tender deadline. Currently, $7,429,000 aggregate principal amount of the 2018 Notes remain outstanding. On March 17, 2014, PHI called for redemption all of the 2018 Notes that remain outstanding following consummation of the Tender Offer at a 'make-whole' redemption price to be determined prior to the redemption date in accordance with the terms of the 2018 Notes and the indenture governing the 2018 Notes (the '2018 Indenture'), plus accrued and unpaid interest relating to such redeemed notes up to, but not including, the redemption date, if any. The redemption is expected to occur on April 16, 2014 in accordance with the terms of the 2018 Indenture.
Phi, Inc. Completes Private Offering of USD 500 Million of 5.25% Senior Notes Due 2019
Mar 19 14
PHI Inc. announced that it has completed its private offering of USD 500 million of 5.25% senior notes due 2019. The company said it used a portion of the net proceeds from the sale of the 2019 notes to concurrently purchase all of the approximately USD 292.6 million of its USD 300.0 million aggregate principal amount of 8.625% senior notes due 2018 that were tendered March 14.
PHI Inc. Announces Receipt of Early Tenders and Requisite Consents with its Tender Offer and Consent Solicitation for Senior Notes Due 2018
Mar 17 14
PHI Inc. announced that it had received at the end of March 14, 2014, tenders and consents from holders of 97.52% of the aggregate principal amount of its outstanding 8.625% Senior Notes due 2018 in connection with its previously-announced tender offer and consent solicitation for the Notes, which commenced on March 3, 2014. In accordance with the terms of PHI's Offer to Purchase and Consent Solicitation Statement dated March 3, 2014, PHI intends to execute a supplemental indenture to the indenture governing the Notes to eliminate most of the restrictive covenants and certain events of default contained in the indenture. The supplemental indenture will not be executed until a majority in aggregate principal amount of the outstanding Notes has been purchased by PHI pursuant to the terms of the Offer to Purchase, which is expected to occur later on March 17, 2014. PHI's obligation to accept for purchase, and to pay for, the Notes tendered pursuant to the tender offer is conditioned upon, among other things, its completion of its previously-announced sale of $500,000,000 aggregate principal amount of 5.25% Senior Notes due 2019, which is also expected to occur later on March 17, 2014. Subject to the satisfaction or waiver of these conditions, all holders who validly tendered and did not validly withdraw their Notes prior to the Early Tender Deadline will be entitled to receive an early tender 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 $1,059.32 per $1,000 principal amount of Notes plus accrued and unpaid interest on those Notes to but excluding on March 17, 2014 anticipated initial settlement date, in accordance with the terms and conditions of the Offer to Purchase. Holders who validly tender their Notes after the Early Tender Deadline but before the expiration of the tender offer will not be entitled to receive the Early Tender Payment, but will be entitled to receive the Tender Offer Consideration for Notes accepted for purchase in accordance with the terms of the Offer to Purchase, plus accrued and unpaid interest on those Notes to but excluding the final settlement date, which is currently expected to be March 31, 2014.