Clayton Dubilier & Rice invests $500 mln in CHC Helicopter
U.S. private equity firm Clayton Dubilier & Rice has agreed to buy $500 million in convertible preferred shares in CHC Group Ltd (NYSE: HELI), a Vancouver provider of offshore flying services to the oil and gas industry. CHC also will pursue a $100 million rights offering of the shares to existing investors, with the aim of raising $600 million in total. Prior to the rights offering, Clayton Dubilier will take a 45 percent ownership stake in the company. U.S. private equity firm First Reserve Corp, which bought CHC in 2008 for around $1.5 billion, will retain an interest of around 29 percent. The company, which went public in early 2014, said it would use the new funds primarily to reduce debt.
22 August 2014•10 mins read
