CHC and First Reserve Announce Closing of Plan of Arrangement
16 September 2008 - 8:33PM
PR Newswire (US)
GREENWICH, Conn., HOUSTON, LONDON and VANCOUVER, British Columbia,
Sept. 16 /PRNewswire-FirstCall/ -- CHC Helicopter Corporation
("CHC") (TSX: FLY.A, FLY.B) (NYSE:FLI) and First Reserve
Corporation ("First Reserve") are pleased to announce that the Plan
of Arrangement (the "Arrangement") between 6922767 Canada Inc., an
affiliate of funds managed by First Reserve, and CHC was completed
today. The Arrangement was overwhelmingly approved by CHC's
shareholders at a special meeting held on April 29, 2008, and was
approved by the British Columbia Supreme Court on May 1, 2008.
Under the Arrangement, 6922767 Canada Inc. acquired all of CHC's
outstanding Class A Subordinate Voting Shares and Class B Multiple
Voting Shares for cash consideration of CDN$32.68 per share. It is
expected that the CHC Class A Subordinate Voting Shares and Class B
Multiple Voting Shares will be delisted from the TSX and the NYSE
(in respect of the Class A shares) later this week. Also, on
September 15, 2008, CHC's cash tender offer (the "Offer") for all
outstanding CHC's 7 3/8% senior subordinated notes due 2014 (the
"Notes") and the related consent solicitation expired. CHC
indicated that approximately $392 million principal amount of the
Notes was validly tendered to the Offer. All Notes validly tendered
were purchased by CHC and submitted to the trustee for
cancellation. As a result of CHC's purchase of the tendered Notes,
the amendments to the Notes indenture contemplated by the consent
solicitation have become operative. CHC intends to apply to the
relevant securities regulatory authorities to cease to be a
reporting issuer in each of the jurisdictions in Canada where is it
currently reporting. About CHC CHC is the world's largest provider
of helicopter services to the global offshore oil and gas industry,
with aircraft operating in more than 30 countries worldwide, and
regional headquarters in Aberdeen, Scotland, Stavanger, Norway and
Vancouver, Canada. About First Reserve Corporation First Reserve is
the world's leading private equity firm in the energy industry.
Throughout its 25-year history of investing solely in the global
energy industry, First Reserve has developed a strong franchise,
utilizing its broad base of specialized industry knowledge to
invest strategically across a wide range of energy industry sectors
and throughout varying economic cycles. Further information is
available at http://www.firstreserve.com/ Caution Concerning
Forward-Looking Statements This news release contains
forward-looking statements, including statements regarding the
delisting of the CHC shares. Such forward-looking statements are
subject to important risks, uncertainties and assumptions. The
results or events predicted in these forward-looking statements may
differ materially from actual results or events. As a result, you
are cautioned not to place undue reliance on these forward-looking
statements. The forward-looking statements in this news release are
made as of the date of this release. For further information,
please contact First Reserve Corporation Mark McComiskey Managing
Director (203) 625-2530 Email: CHC Helicopter Corporation Sylvain
Allard President and Chief Executive Officer (604) 279-2455 or
(604) 307-8646 Email: or Rick Davis Senior Vice President and Chief
Financial Officer (604) 279-2471 or (778) 999-0314 Email: Website:
http://www.chc.ca/ DATASOURCE: CHC Helicopter Corporation; First
Reserve Corporation CONTACT: Mark McComiskey, Managing Director of
First Reserve Corporation, +1-203-625-2530, ; or Sylvain Allard,
President and Chief Executive Officer, +1-604-279-2455, or
+1-604-307-8646, , or Rick Davis, Senior Vice President and Chief
Financial Officer, +1-604-279-2471, or +1-778-999-0314, , both of
CHC Helicopter Corporation Web Site: http://www.chc.ca/
http://www.firstreserve.com/
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