Simpson Thacher represented CHC Helicopter S.A., a Luxembourg portfolio company of First Reserve Corporation, in connection with its offering of $1.1 billion aggregate principal amount of 9.250% senior secured first-lien notes due 2020 conducted in reliance on Rule 144A and Regulation S, and the completion of a $300 million super-senior secured revolving credit facility. The notes and the revolving credit facility are guaranteed by certain of CHC Helicopter’s parents and subsidiaries located in Europe, Australia and North America.
CHC Helicopter used the proceeds from the senior secured notes offering to repay all outstanding borrowings under its existing senior credit facilities, as well as to pay fees and expenses in connection with the refinancing and to settle interest rate swaps.
CHC Helicopter is the world’s largest commercial operator of medium and heavy helicopters, providing services to the offshore oil and gas industry and search and rescue and emergency medical services to government agencies.
The Simpson Thacher team for these transactions included Ed Tolley, Simone Bono, Reece Hunt, Andrea Sung and Ravi Agarwal (Capital Markets), Polly Mullan, Herbert Huang, Makiko Harunari, Shahpur Kabraji and Richard David (Credit), Erik Hepler (Collateral), Jonathan Cantor and Chang Won Choi (Tax), Tim Mulvihill (Environmental) and Aimee Adler and Paula Han (Executive Compensation and Employee Benefits).