US$500 million recapitalization of CHC Helicopter completed

CHC Group LLC (CHC) has announced that through a comprehensive US$500 million recapitalization, subject to regulatory approvals, it will now be able to significantly reduce its funded debt obligations.

The global rotary wing aviation company specializes in providing transportation services to offshore oil and gas platforms, civilian search and rescue and air medical evacuation services and helicopter maintenance repair and overhaul services. As part of the recapitalization, a substantial portion of CHC’s existing debt and equity holders agreed to provide over US$100 million in new money and liquidity enhancing commitments, consisting of US$60 million in an initial funding, an additional US$30 million of available commitments and US$10 million from adjustments to its aircraft financing facilities.

The recapitalization represents the outcome of extensive negotiations with CHC’s key financial stakeholders. CHC is confident that this transaction will provide the liquidity and sustainable long-term capital structure needed so that it can focus its efforts on continued operational excellence. CHC’s global reach extends, for example, from operating the marine search and rescue for the Irish Coastguard at Shannon, Waterford, Sligo and Dublin airports to providing helicopter services in Australia for the Fire and Emergency Services Authority of Western Australia, Victoria Police and the Ambulance Service of New South Wales