Bristow Group Inc. (NYSE: BRS) and its subsidiaries have entered into two seven-year GBP-denominated secured equipment financings for an aggregate USD200 million equivalent with Lombard, part of The Royal Bank of Scotland, the company said.
The company said proceeds from the financings will be used to finance eight search and rescue (SAR) helicopters being utilized for the SAR contract with the UK Department for Transport.
The credit facilities are expected to fund no later than the first quarter of calendar year 2017 and are subject to both UK and US governmental approvals. Upon funding, the credit facilities will have seven-year terms with balloon payments at maturity, and Bristow´s obligations will be secured by SAR helicopters, with one credit facility secured by three Sikorsky S-92 helicopters and the other credit facility secured by five Leonardo AW189 helicopters.
Bristow Group Inc. is an industrial aviation services provider offering helicopter transportation, search and rescue (SAR) and aircraft support services, including maintenance and training, to government and civil organizations worldwide. Bristow provides SAR services to the private sector worldwide and to the public sector for all of the UK on behalf of the Maritime and Coastguard Agency.