CHC Group (HELI) has suffered along with the entire offshore oil services group. The company’s high financial leverage and recently announced plan to issue convertible preferred debt impacted the share price negatively in the quarter. We trimmed the position as we have become less comfortable with the company’s absolute leverage and the dilutive nature of the capital raise.
From Meridian Funds (Trades, Portfolio)’ Meridian Growth Fund 3Q 2014 Commentary.
