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Stock Market & Financial Investment News

News Breaks
August 22, 2014
05:12 EDTHELICHC Group announces investment by Clayton, Dubilier & Rice
CHC Group and Clayton, Dubilier & Rice, or CD&R, announced they have entered into definitive agreements for CD&R managed funds to invest $500M in CHC through the purchase of convertible preferred shares to be issued in a private placement. As part of the transaction, CHC also intends to pursue a $100M rights offering of the convertible preferred shares to existing shareholders. CD&R has agreed to purchase convertible preferred shares, if any are not purchased in the rights offering, which could bring CD&Rís total investment amount up to an aggregate of $600M. CHC plans to use proceeds from the investment primarily to reduce debt and other fixed charges. A portion of the proceeds is expected to be used to redeem $105M of senior unsecured notes and $130M of senior secured notes, plus associated premiums. CHC said remaining proceeds will be used to optimize the mix of owned versus leased aircraft, to further reduce debt opportunistically and for other general corporate purposes. Once the full investment of $600M is deployed, CHC projects it will generate approximately $50M-$60M in annualized incremental free cash flow, on a pro-forma basis beyond previous estimates. CD&R will have a 45% ownership position in CHC Group on an as-converted, pro-forma basis, based on a $500M investment and prior to the rights offering. This percentage could decrease or increase depending on participation of existing shareholders in the rights offering. First Reserve Corporation and its affiliates, which purchased CHC in 2008, would retain approximately 29% ownership in CHC, on a pro-forma basis.
News For HELI From The Last 14 Days
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October 27, 2014
05:18 EDTHELICHC Group awarded long-term multi-field services contract
Total E&P UK is extending a decades-long relationship with CHC Helicopter in the North Sea, awarding CHC a long-term helicopter transportation contract to support Totalís offshore operations across the United Kingdom Continental Shelf , or UKCS. The contract calls for CHC to operate two Sikorsky S-92 and two Airbus EC225 helicopters on behalf of Total. The helicopters will fly from Aberdeen to Totalís Elgin-Franklin, Alwyn and Dunbar fields, as well as to the mobile drilling rigs Total E&P UK have across the UKCS. The contract is for up to seven years, includes options for up to two additional years, and will take effect in November. Totalís operations on the UKCS range from the Elgin-Franklin field, which is in the Central North Sea, about 200 kilometres east of Aberdeen, to the Alwyn field, situated 440 kilometres northeast of Aberdeen, and the Dunbar field, located 22 kilometres south of Alwyn. Total also has mobile drilling rigs on contract that operate across the UKCS from the Central North Sea to the West of Shetland region.
October 17, 2014
10:00 EDTHELIOn The Fly: Analyst Downgrade Summary
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07:02 EDTHELICHC Group downgraded to Market Perform from Outperform at Cowen
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