Milestone Aviation Group Limited (“Milestone”), a GE Capital Aviation Services (“GECAS”) company and the global leader in helicopter leasing, announced today a commitment letter with Bristow Group Inc. (“Bristow”), a leading provider of global industrial aviation services. Under the agreement, Milestone is providing a $230 million secured term loan facility to a subsidiary of Bristow, secured by a pool of Bristow’s helicopter assets. As part of the agreement, Bristow will extend select Sikorsky S-92 leases with Milestone, and Milestone will also defer lease rentals on select Airbus H225 assets on lease to Bristow.
“Bristow is a world leader in industrial aviation and our long-time partner, and this funding agreement symbolizes GE and Milestone’s confidence in the Bristow strategy and management team,” said Milestone President and Chief Executive Officer Daniel Rosenthal. “We take great pride in our ability to create innovative solutions to best serve the operators we work with, and as part of GE, we are very pleased that we can continue to be a key contributor of capital to helicopter operators. We understand the challenges that exist in the current environment, and we look forward to continuing to ensure the long-term success of the global helicopter industry.”