PHI Terminates Tender Offer for Its 5.25% Senior Notes Due 2019

PHI, Inc. (The Nasdaq Select Global Market: PHII (voting); PHIIK (non-voting)) announced today that it has terminated its previously-announced cash tender offer (the “Tender Offer”) to purchase any and all of the $500 million aggregate principal amount of its outstanding 5.25% Senior Notes due March 2019 and its related consent solicitation (the “Solicitation”), both of which were initially announced on June 18, 2018.

This press release constitutes a formal termination of the Tender Offer and Solicitation, and a formal notification that the Company will not accept for purchase any 5.25% Senior Notes tendered in connection with the Tender Offer. All 5.25% Senior Notes previously tendered and not withdrawn will be promptly returned or credited back to their respective holders. The Company reserves the right to initiate a new tender offer or to purchase its outstanding bonds in the open market at a later date if conditions in the financing markets improve, but is under no obligation to do so.

As previously announced, the Company has recently refinanced its secured revolving credit facility and has engaged Houlihan Lokey as its financial advisor to assist the Company in exploring and evaluating a broad range of potential strategic alternatives to improve the Company’s liquidity and enhance shareholder value. There is no current timetable for completing this process and no assurance that it will result in any particular outcome. The Company does not intend to provide any updates on its process unless or until it determines that further disclosure is necessary or appropriate.

Any questions relating to the termination of the Tender Offer and Solicitation may be directed to D.F. King at [phone] (U.S. toll-free) or by email at [e-mail].

This press release is for informational purposes only, and constitutes neither an offer to buy nor a solicitation of an offer to sell the above-described notes or any other securities.

About PHI, Inc.

PHI, Inc. is one of the world’s leading helicopter services companies, operating over 240 aircraft in over 70 locations around the world. Known industry wide for the relentless pursuit of safe, reliable helicopter transportation, PHI offers services to the offshore Oil and Gas, Air Medical applications, and Technical Services applications around the world. PHI’s professional staff gives the company a great depth in all areas of operation and is composed of highly skilled, dedicated, hardworking and loyal employees. In addition to operations in the United States, the company has operated in 43 foreign countries and continues to operate for customers across the globe. PHI's Headquarters are in Lafayette, Louisiana USA and PHI employs approximately 2,400 personnel globally.