Bristow Group Inc. (NYSE: BRS) today announced that certain of its subsidiaries have received commitments from lenders to enter into a new asset-backed revolving credit facility (the “ABL Facility”). Bristow expects to close on the ABL Facility within 60 days of entry into the commitment letter for the ABL Facility.
The ABL Facility is expected to provide commitments of $75 million, subject to an availability block of $15 million and a borrowing base calculated by reference to eligible accounts receivable, with an expected maturity of five years from the closing date, subject to certain earlier maturity triggers related to maturity of other material debt.
The ABL Facility is expected to be secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited. Under the expected terms, the ABL Facility will be guaranteed on an unsecured basis by Bristow, and each borrower will guarantee the other borrower’s obligations. The commitments to the ABL Facility are subject to the finalization and execution of definitive agreements and contingent upon the closing of the ABL Facility. The closing of the ABL Facility is conditioned, among other things, on the closing of at least a $250 million secured bond financing by Bristow and the repayment and termination of Bristow’s senior secured amended and restated revolving credit and term loan agreement. We cannot assure you that the ABL Facility will be completed on schedule or at all. The offering of the notes is not conditioned upon the closing of the ABL Facility.
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