What Lenders Don't Understand About PHI, Inc.: A Money-Good Bond With An 18.5% YTM [Seeking Alpha]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
US:NYSE Investor Relations:
shell.com/investors.html
Company Research
Source: Seeking Alpha
Summary Company Description PHI is a helicopter operator with two principal segments, Air Medical, or AM, and oil & gas (O&G). The AM segment, which is essentially air ambulances, is healthy and strongly cash flow positive. The O&G segment, which facilitates crew change operations for offshore oil companies in the Gulf of Mexico and Australia, is loaded with valuable assets, but troubled when it comes to cash flow. Bad Optics for Debt Refinance.... PHI is having trouble refinancing its March 2019 debt. The company is seeking to borrow $600 million, but has only $70 million of trailing EBITDA. CAPEX requirements are roughly $30 million in 2018, leaving only $40 million of cash flow to service a $600 million borrowing. The company has $1.07 billion of tangible book value assets other than cash - mostly these are helicopters, spare parts, and accounts receivable - against $557 million of net debt. While this appears at first to be reasonably good asset coverage, it incl
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