Offshore Logistics, Inc. Announces Sale and Leaseback Financing
06 Enero 2006 - 4:02PM
Business Wire
Offshore Logistics, Inc. (NYSE:OLG) announced today a sale and
leaseback financing transaction that was completed on December 30,
2005. Nine Sikorsky S-76 aircraft were sold for $68.6 million in
aggregate to a subsidiary of General Electric Capital Corporation,
and then leased back for a term of ten years expiring in January
2016. Each aircraft is under a separate net lease, which requires
the lessee to pay all operating costs, and has an effective annual
interest rate of approximately 5% for the first five years. Rent is
payable monthly, and will be $6.3 million per year in aggregate for
the first five years. Each lease has an end of lease purchase
option at ten years, an early purchase option at 60 months (January
2011), and an early termination option at 24 months (January 2008).
The early purchase option price for the nine aircraft at 60 months
is $52 million in aggregate. The Company is required to deliver
additional collateral of about $11.8 million on or before January
30, 2006. The additional collateral will be released upon the
occurrence of certain events. The leases contain terms customary in
transactions of this type, including provisions that allow the
lessor to repossess the aircraft and require the lessee to pay a
stipulated amount if the lessee defaults on its obligations under
the leases. The Company expects to use the proceeds to fund its
fleet expansion program and for general corporate purposes.
Offshore Logistics, Inc. is a major provider of helicopter
transportation services to the oil and gas industry worldwide.
Through its subsidiaries, affiliates and joint ventures, the
Company provides transportation services in most oil and gas
producing regions including the United States Gulf of Mexico and
Alaska, the North Sea, Africa, Mexico, South America, Australia,
Russia, Egypt and the Far East. Additionally, the Company is a
leading provider of production management services for oil and gas
production facilities in the Gulf of Mexico. The Company's Common
Stock is traded on the New York Stock Exchange under the symbol
OLG.
Offshore Logistic (NYSE:OLG)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Offshore Logistic (NYSE:OLG)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
Real-Time news about Offshore Logistic (New York Stock Exchange): 0 recent articles
Más de Offshore Logistics, Inc. Artículos de Noticias