As filed with the United States Securities and Exchange Commission on July 1, 2020
Registration No. 333-
Delaware | | | 72-1455213 |
(State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification Number) |
Large Accelerated Filer | | | ☐ | | | Accelerated Filer | | | ☒ |
Non-Accelerated Filer | | | ☐ | | | Smaller Reporting Company | | | ☐ |
| | | | Emerging growth company | | | ☐ |
Title of each class of securities to be registered | | | Amount to be registered(1) | | | Proposed maximum offering price per security(2)(3) | | | Proposed maximum aggregate offering price(3) | | | Amount of registration fee(4) |
Common stock, par value $0.01 per share | | | 12,764,935 | | | $14.05 | | | $179,347,337.80 | | | $23,280 |
(1) | Includes 12,764,935 shares of common stock, par value $0.01 per share (“common stock”) of Bristow Group Inc. that may be sold from time to time by the selling stockholders named herein. Pursuant to Rule 416(a) under the Securities Act, the number of shares of common stock being registered on behalf of the selling stockholders shall be adjusted to include any additional shares of common stock that may become issuable as a result of any distribution, split, combination or similar transaction. |
(2) | The proposed maximum offering price per share of common stock will be determined from time to time in connection with, and at the time of, the sale by the selling stockholders of such common stock. |
(3) | Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) of the Securities Act on the basis of the average of the high and low per share sale price of the registrant’s shares of common stock on June 29, 2020 of $14.05, as reported on the New York Stock Exchange. |
(4) | The registration fee has been calculated in accordance with Rule 457(o) under the Securities Act, as amended. |
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• | risks related to the Company’s recently completed Merger (as defined below), including: |
○ | the outcome of any legal proceedings, regulatory proceedings or enforcement matters that may be instituted relating to the Merger, |
○ | the costs incurred to consummate the Merger, |
○ | the possibility that the expected synergies from the Merger will not be realized, |
○ | difficulties related to the integration of the two companies, |
○ | disruption from the anticipated Merger making it more difficult to maintain relationships with customers, employees, regulators or suppliers, and |
• | the Company’s dependence on, and the cyclical and volatile nature of, offshore oil and gas exploration, development and production activity, and the impact of the coronavirus pandemic (“COVID-19”) and general economic conditions and fluctuations in worldwide prices of, and demand for, oil and natural gas on such activity levels, including instances of below-zero prices in oil futures and concerns of an excess of oil supply for a sustained period and limitations of storage capacity for such excess oil supply; |
• | the impact of the COVID-19 pandemic and supply decisions by Saudi Arabia and Russia have resulted in a decrease in the price of and demand for oil, which has caused, and may continue to cause, a decrease in the demand for the Company’s services; |
• | the Company’s reliance on a limited number of customers and the reduction of its customer base as a result of bankruptcies or consolidation; |
• | risks that the Company’s customers reduce or cancel contracted services or tender processes or obtain comparable services through other forms of transportation; |
• | the Company’s dependence on United States (“U.S.”) government agency contracts that are subject to budget appropriations; |
• | cost savings initiatives implemented by the Company’s customers; |
• | risks inherent in operating helicopters; |
• | the Company’s ability to maintain an acceptable safety record and level of reliability; |
• | the impact of increased U.S. and foreign government regulation and legislation, including potential government implemented moratoriums on drilling activities; |
• | the impact of a grounding of all or a portion of the Company’s fleet for extended periods of time or indefinitely on the Company’s business, including its operations and ability to service customers, results of operations or financial condition and/or the market value of the affected helicopters; |
• | the Company’s ability to successfully expand into other geographic and aviation service markets; |
• | risks associated with political instability, governmental action, war, acts of terrorism and changes in the economic condition in any foreign country where the Company does business, which may result in expropriation, nationalization, confiscation or deprivation of the Company’s assets or result in claims of a force majeure situation; |
• | the impact of declines in the global economy and financial markets; |
• | the impact of fluctuations in foreign currency exchange rates on the Company’s asset values and cost to purchase helicopters, spare parts and related services; |
• | risks related to investing in new lines of aviation service without realizing the expected benefits; |
• | risks of engaging in competitive processes or expending significant resources for strategic opportunities, with no guaranty of recoupment; |
• | the Company’s reliance on a limited number of helicopter manufacturers and suppliers; |
• | the Company’s ongoing need to replace aging helicopters; |
• | the Company’s reliance on the secondary helicopter market to dispose of used helicopters and parts; |
• | information technology related risks; |
• | the impact of allocation of risk between the Company and its customers; |
• | the liability, legal fees and costs in connection with providing emergency response services; |
• | adverse weather conditions and seasonality; |
• | risks associated with the Company’s debt structure; |
• | the Company’s counterparty credit risk exposure; |
• | the impact of operational and financial difficulties of the Company’s joint ventures and partners and the risks associated with identifying and securing joint venture partners when needed; |
• | conflict with the other owners of the Company’s non-wholly owned subsidiaries and other equity investees; |
• | adverse results of legal proceedings; |
• | risks associated with significant increases in fuel costs; |
• | the Company’s ability to obtain insurance coverage and the adequacy and availability of such coverage; |
• | the possibility of labor problems; |
• | the attraction and retention of qualified personnel; |
• | restrictions on the amount of foreign ownership of the Company’s common stock; and |
• | various other matters and factors, many of which are beyond the Company’s control. |
• | before the stockholder became interested, the Board of Directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; |
• | upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans, in some instances; or |
• | at or after the time the stockholder became interested, the business combination was approved by the Board of Directors of the corporation and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder. |
| | Shares Beneficially Owned Prior to the Offering | | | Shares That May be Offered Hereby(1) Number | | | Shares Beneficially Owned After the Offering(2) | |||||||
Selling Stockholder | | | Number | | | Percentage(3) | | | Number | | | Percentage(3) | |||
Solus(4) | | | 6,090,862 | | | 19.7% | | | 6,090,862 | | | — | | | — |
South Dakota Investment Council(5) | | | 6,674,073 | | | 21.6% | | | 6,674,073 | | | — | | | — |
(1) | Represents the number of shares being registered on behalf of the selling stockholder pursuant to this registration statement, which may be less than the total number of shares beneficially owned by the selling stockholder. |
(2) | Assumes that the selling stockholder disposes of all the shares of common stock covered by this prospectus and does not acquire beneficial ownership of any additional shares. The registration of these shares does not necessarily mean that the selling stockholder will sell all or any portion of the shares covered by this prospectus. |
(3) | Based on 30,882,471 shares of our common stock outstanding as of June 26, 2020. |
(4) | Reflects shares of our common stock directly held by Airwolf 1 LLC, Airwolf 2 LLC and Blue Thunder LLC, each of which are managed by Solus and/or affiliates thereof and each of which and/or its permitted transferees may act as a selling stockholder. Solus GP LLC (“Solus GP”) is the general partner of Solus. Christopher Pucillo is the managing member of Solus GP. Mr. Pucillo is a member of our Board of Directors. |
(5) | South Dakota Investment Council is the statutory manager of South Dakota Retirement System and has complete discretionary authority with respect to any investment decisions regarding the shares of our common stock listed in the table. Lorin L. Brass, a current member of our Board of Directors, was a member of SDIC’s Board of Directors from July 1, 2014 to June 30, 2019, and was Chairman of SDIC’s Board from July 1, 2018 to June 30, 2019. Mr. Brass no longer sits on SDIC’s board or has any association or agreements with SDIC. |
• | on any national securities exchange or U.S. inter-dealer quotation system of a registered national securities association on which the securities may be listed or quoted at the time of sale, including the NYSE (including through at the market offerings); |
• | in transactions other than on these exchanges or systems or in the over-the-counter market; |
• | through the writing or settlement of options or other hedging transactions, whether such options or such other derivative securities are listed on an options exchange or otherwise; |
• | ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
• | block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction; |
• | through broker-dealers, who may act as agents or principals; |
• | through one or more underwriters on a firm commitment or best-efforts basis; |
• | an exchange distribution in accordance with the rules of the applicable exchange; |
• | public or privately negotiated transactions; |
• | through the settlement of short sales; |
• | transactions in which broker-dealers agree with a selling stockholder to sell a specified number of such shares at a stipulated price per share; |
• | a combination of any such methods of sale; or |
• | any other method permitted pursuant to applicable law. |
• | our annual report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on March 6, 2020; |
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• | our current reports on Form 8-K, filed with the SEC on January 24, 2020, April 14, 2020, April 24, 2020, April 30, 2020, June 1, 2020, June 9, 2020, June 17, 2020 (two current reports) and July 1, 2020 (except, with respect to each of the foregoing, for portions of such reports which were deemed to be furnished and not filed); |
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• | the description of our Common Stock contained in our registration statement on Form S-4 filed with the SEC on April 3, 2020, including any amendments or reports filed for the purpose of updating such description. |
Item 14. | Other Expenses of Issuance and Distribution |
SEC registration fee | | | $23,280 |
Legal fees and expenses | | | $25,000 |
Accounting fees and expenses | | | $80,000 |
Printing and miscellaneous expenses | | | $5,000 |
Total | | | $133,280 |
Item 15. | Indemnification of Directors and Officers |
Item 16. | Exhibits |
Exhibit Number | | | Description |
1.1* | | | Form of Underwriting Agreement. |
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| | Agreement and Plan of Merger, dated as of January 23, 2020, by and among Era Group Inc. (now Bristow Group Inc.) , Ruby Redux Merger Sub, Inc. and Bristow Group Inc. (now Bristow Holdings U.S. Inc.) incorporated herein by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Era Group Inc. on January 24, 2020) | |
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| | Amendment No. 1 to Agreement and Plan of Merger, dated as of April 22, 2020 (included as Annex B to the Company’s Amendment No.1 to Registration Statement on Form S-4 filed with the SEC on April 22, 2020, as amended (File No. 333-237557)). | |
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| | Amended and Restated Certificate of Incorporation (incorporated herein by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 6, 2018 (File No. 001-35701)) | |
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| | Certificate of Amendment of Restated Certificate of Incorporation filed June 17, 2020 (incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by the Company on June 17, 2020 (File No. 001-35701)) | |
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| | Certificate of Amendment of Amended and Restated Certificate of Incorporation filed June 17, 2020 (incorporated herein by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by the Company on June 17, 2020 (File No. 001-35701)) | |
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| | Amendment to Amended and Restated Bylaws (incorporated herein by reference to Exhibit 3.3 to the Current Report on Form 8-K filed by the Company on June 17, 2020 (File No. 001-35701)) | |
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| | Form of Common Stock Certificate of the Company (incorporated herein by reference to Exhibit 4.1 of the Company’s Amendment No. 2 to Registration Statement on Form 10 filed with the SEC on January 08, 2013, as amended (File No. 001-35701)) | |
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| | Registration Rights Agreement, dated as of June 11, 2020, by and between the Company and Solus Alternative Asset Management LP and South Dakota Retirement System (incorporated herein by reference to Exhibit 10.1 of the Form 8-K filed by the Company on June 17, 2020 (File No. 001-35701)) | |
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| | Opinion of Milbank LLP as to the legality of the securities being registered | |
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| | Consent of KPMG LLP (with respect to Old Bristow) | |
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| | Consent of KPMG LLP (with respect to Dart Holding Company Ltd.) | |
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| | Consent of Grant Thornton LLP | |
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| | Consent of Ernst & Young LLP | |
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| | Consent of Milbank LLP (included as part of its opinion filed as Exhibit 5.1 hereto) | |
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| | Powers of Attorney (incorporated by reference to the signature pages hereto) |
* | To be filed by amendment or incorporated by reference in connection with the offering of the securities. |
** | Filed herewith |
Item 17. | Undertakings |
(a) | The undersigned registrant hereby undertakes: |
(1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(i) | To include any prospectus required by Section 10(a)(3) of the Securities Act; |
(ii) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and |
(iii) | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; |
(2) | That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
(4) | That, for the purpose of determining liability under the Securities Act to any purchaser: |
(i) | Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and |
(ii) | Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. |
(5) | That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
(i) | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
(ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
(iii) | The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
(iv) | Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
(6) | That, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(7) | Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, each registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. |
(8) | For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective. |
| | Bristow Group Inc. | ||||
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| | By: | | | /s/ Crystal L. Gordon | |
| | | | Name: Crystal L. Gordon | ||
| | | | Title: SVP, General Counsel |
Date | | | | | | | |||
July 1, 2020 | | | By: | | | /s/ Christopher S. Bradshaw | |||
| | | | Name: | | | Christopher S. Bradshaw | ||
| | | | Title: | | | Director, President, & Chief Executive Officer (Principal Executive Officer) | ||
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July 1, 2020 | | | By: | | | /s/ Jennifer Whalen | |||
| | | | Name: | | | Jennifer Whalen | ||
| | | | Title: | | | Interim Senior Vice President & Chief Financial Officer (Principal Financial Officer) | ||
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July 1, 2020 | | | By: | | | /s/ Christopher Gillette | |||
| | | | Name: | | | Christopher Gillette | ||
| | | | Title: | | | Vice President, Chief Accounting Officer (Principal Accounting Officer) | ||
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July 1, 2020 | | | By: | | | /s/ Lorin L. Brass | |||
| | | | Name: | | | Lorin L. Brass | ||
| | | | Title: | | | Director | ||
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July 1, 2020 | | | By: | | | /s/ Charles Fabrikant | |||
| | | | Name: | | | Charles Fabrikant | ||
| | | | Title: | | | Director | ||
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Date | | | | | | | |||
July 1, 2020 | | | By: | | | /s/ Wesley E. Kern | |||
| | | | Name: | | | Wesley E. Kern | ||
| | | | Title: | | | Director | ||
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July 1, 2020 | | | By: | | | /s/ Robert J. Manzo | |||
| | | | Name: | | | Robert J. Manzo | ||
| | | | Title: | | | Director | ||
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July 1, 2020 | | | By: | | | /s/ G. Mark Mickelson | |||
| | | | Name: | | | G. Mark Mickelson | ||
| | | | Title: | | | Director | ||
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July 1, 2020 | | | By: | | | /s/ Christopher Pucillo | |||
| | | | Name: | | | Christopher Pucillo | ||
| | | | Title: | | | Director | ||
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July 1, 2020 | | | By: | | | /s/ Brian D. Truelove | |||
| | | | Name: | | | Brian D. Truelove | ||
| | | | Title: | | | Director |