First Amendment to Loan Agreement Among Petroleum Helicopters, Inc. and Whitney National Bank (April 23, 2002)

Summary

This amendment updates the original loan agreement between Petroleum Helicopters, Inc. (and its subsidiaries) and Whitney National Bank. The changes reduce the credit facility from $50 million to $35 million, extend the maturity date to July 31, 2006, adjust certain financial covenants, and lower unused fees on the revolving line of credit. Acadian Composites, LLC is removed as a guarantor due to its sale. All other terms of the original agreement remain unchanged.

EX-10.4 2 h17286exv10w4.txt FIRST AMENDMENT TO LOAN AGREEMENT DATED 4/23/2002 EXHIBIT 10.4 1ST AMENDMENT TO LOAN AGREEMENT DATED AS OF APRIL 23, 2002 BY AND AMONG PETROLEUM HELICOPTERS, INC., ACADIAN COMPOSITES, LLC, AIR EVAC SERVICES, INC., EVANGELINE AIRMOTIVE, INC., AND INTERNATIONAL HELICOPTER TRANSPORT, INC. AND WHITNEY NATIONAL BANK WHEREAS THERE HAS BEEN LIMITED USE OF THE CREDIT FACILITY PROVIDED FOR IN THE CAPTIONED LOAN AGREEMENT AND THEREFORE PHI DESIRES TO AMEND AND EXTEND THE CREDIT FACILITY IN A LESSER AMOUNT. WHEREAS THE CURRENT AGREEMENT IS NOT EFFECTIVE AFTER JULY 31, 2004. WHEREAS PETROLEUM HELICOPTERS HAS ARRANGED TO LEASE FOUR S-92 AIRCRAFT. WHEREAS ACADIAN COMPOSITES, LLC HAS BEEN SOLD. THEREFORE FOR GOOD AND ADEQUATE CONSIDERATION THE RECEIPT OF WHICH IS HEREBY ACKNOWLEDGED, PHI, THE SUBSIDIARY GUARANTORS AND WHITNEY DO HEREBY AMEND THE CAPTIONED LOAN AGREEMENT AS FOLLOWS: 1. IN PARAGRAPH A THE AMOUNT OF THE FACILITY IS REDUCED FROM $50,000,000 TO $35,000,000 AND THE DATE OF JULY 31, 2004 IS CHANGED TO JULY 31, 2006. A NEW PROMISSORY NOTE TO EFFECT THESE CHANGES SHALL BE EXECUTED. 2. IN PARAGRAPH C (8) (b) FUNDED DEBT/NET WORTH SHALL BE INCREASED FROM 2.50/1.00 TO 3.50/1.00. 3. IN PARAGRAPH G UNUSED FEES UNDER THE REVOLVING LINE OF CREDIT IS REDUCED FROM 3/8 OF 1% TO 1/4 OF 1%. 4. ACADIAN COMPOSITES, LLC IS DELETED AS A SUBSIDIARY GUARANTOR. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS] IN ALL OTHER ASPECTS THE LOAN AGREEMENT AS AMENDED HEREBY AND ITS PROVISIONS SHALL REMAIN IN FULL FORCE AND EFFECT. EXECUTED JUNE ____________, 2004. PETROLEUM HELICOPTERS, INC. WHITNEY NATIONAL BANK BY: BY: ------------------------------- ------------------------------- NAME: MICHAEL J. MCCANN NAME: HARRY C. STAHEL TITLE: CHIEF FINANCIAL OFFICER TITLE: SENIOR VICE PRESIDENT SUBSIDIARY GUARANTORS: AIR EVAC SERVICES, INC. EVANGELINE AIRMOTIVE, INC. BY: BY: ------------------------------- ------------------------------- NAME: MICHAEL J. MCCANN NAME: MICHAEL J. MCCANN TITLE: CHIEF FINANCIAL OFFICER TITLE: CHIEF FINANCIAL OFFICER INTERNATIONAL HELICOPTER BY: TRANSPORT, INC. BY: ------------------------------- NAME: MICHAEL J. MCCANN TITLE: CHIEF FINANCIAL OFFICER