Shares of Bristow Group Tank on Debt Issuance

Shares of Bristow Group Tank on Debt Issuance

Shares of helicopter services provider Bristow Group (NYSE: BRS) are down 16% as of 1:30 p.m. EST Wednesday. Today's decline comes after management announced a deal to offer new debt.

Bristow Group announced today that it intends to issue $125 million in convertible senior notes that will be due in 2023. Since this is the initial notice of the issuance, there was no interest rate price announced with this news, but we can expect that announcement to come relatively soon. As part of the notice, management said that the interest rate, conversion rate, and other terms will be decided when the offering is priced.

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Source: Fool.com