12-Jan-2023 Source: Bristow
Bristow Group Inc. (NYSE: VTOL) and its subsidiaries announced today that it has entered into two thirteen-year secured equipment financings for an aggregate amount up to £145 million with National Westminster Bank Plc (“NatWest”). The proceeds from the financings will be used to refinance the indebtedness of the previous equipment financing facilities with Lombard North Central Plc, refinance the aircraft financed thereby, and provide additional financing to support Bristow’s obligations under its contracts with the Department for Transport and the Maritime & Coastguard Agency of the United Kingdom.
“We would like to thank NatWest for their continued support of Bristow,” said Chris Bradshaw, President and Chief Executive Officer of Bristow. “These new credit facilities increase our financial flexibility, significantly extend our debt maturities through 2036, and demonstrate our access to capital as the global leader in vertical flight solutions.”
The credit facilities are expected to fund during the first quarter of 2023. Upon funding, the credit facilities will have thirteen-year terms with repayment due in quarterly installments commencing March 31, 2023. The credit facilities will bear interest at a rate equal to the Sterling Overnight Index Average plus 2.75% per annum. Bristow’s obligations will be secured by ten search and rescue (SAR) helicopters.