BAN's World GazetteerTexas
Bristow Group and its subsidiaries have entered into two 13-year secured equipment financings for an aggregate amount up to approximately $177.4 million with National Westminster Bank. The funds will be used to refinance the indebtedness of the previous equipment financing facilities with Lombard North Central; 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 and Coastguard Agency of the United Kingdom.
"We would like to thank NatWest for its continued support of Bristow," says president and chief executive officer Chris Bradshaw. "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. They will have 13-year terms with repayment due in quarterly instalments commencing 31 March, 2023. Bristow's obligations will be secured by 10 search and rescue (SAR) helicopters.