HOUSTON (AFX) - Bristow Group Inc., which provides helicopter transportation services for the energy industry, said Monday it will offer $200 million in mandatory convertible preferred stock.
The public offering is being headed by Credit Suisse Securities LLC and Goldman, Sachs & Co., both joint book runners. Jefferies & Company is acting joint lead manager.
The company said it will use $98.8 million of the proceeds to buy five large aircraft under options it has that are set to expire Sept. 30. It plans to spend the remaining proceeds to fund a portion of aircraft acquisitions under other options it may exercise and for aircraft on order.
The underwriters will have a 30-day option to purchase $30 million in additional shares. The company said it intends to have the mandatory convertible preferred stock listed on the New York Stock Exchange.
Shares of Bristow fell $1.02, or 2.7 percent, to close at $36.33 on the New York Stock Exchange. The stock has traded between $27.50 and $39.40 over the last 52 weeks.
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