CHC Group Ltd announced that it has set the price of the initial public offering (IPO) of its 31 million ordinary shares at $10 apiece. CHC Group is the parent firm of CHC Helicopter SA, according to Street Insider.
The securities are set to start trading on Friday on the New York Stock Exchange under the ticker "HELI." The Canadian firm expects to use the IPO proceeds to repay the debt of CHC Helicopter, and also for general corporate purposes. The share offering will close on January 23. The transaction is still subject to customary closing conditions, the report detailed.
UBS Investment Bank and JP Morgan are the joint book-running managers for the said IPO, the report said.
The co-managers for the share offering are HSBC, Wells Fargo Securities, RBC Capital Markets, BNP Paribas, Cormark Securities (USA) Ltd, Standard Bank, Cowen and Company, Simmons & Company International, Raymond James, and Tudor, Pickering, Holt & Co, wrote Street Insider.
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