29-Sep-2011 Source: Milestone
CHC Helicopter, the world’s largest helicopter-services company, and Milestone Aviation Group, a leading global helicopter leasing company, today announced the commencement of a significant new financing relationship.
The companies have agreed to terms on the sale-leaseback of five aircraft: two Sikorsky S92 and three Eurocopter AS332L2. The first part of the transaction valued at over $50 million has closed, with another $30 million expected to close within the next two months. The total value of the deal is in excess of $80 million.
The agreement, which covers aircraft already in CHC’s fleet, gives CHC additional flexibility in meeting the growing needs of its global customers by helping make most efficient use of capital. The aircraft currently are serving oil and gas contracts in Denmark, the United Kingdom and the Falklands.
Richard Santulli, Milestone chairman, said, “CHC is one of the pre-eminent helicopter operators in the world and, as such, we are proud to have entered into this partnership. We look forward to growing this relationship in years to come.”
“It’s great to have a company like Milestone come into the helicopter-leasing space,” said William Amelio, CHC’s president and chief executive officer. “Global capabilities, creativity and the ability to provide significant amounts of capital make them an important financial partner for CHC.”
Since launching in August 2010, Milestone has leased over two dozen helicopters and private jets valued at more than $240 million. The company has signed commitments that will push that total to over $300 million by the end of the year.