Bristow has signed two thirteen-year secured equipment financing packages worth up to £145m with National Westminster Bank. The proceeds from the deal will allow Bristow to clear previous equipment-secured financing facilities with Lombard North Central, itself also a part of the Nat West Bank Group, refinance the aircraft and provide additional financing to support Bristow’s UK Maritime & Coastguard Agency SAR contract. “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 and be subject to interest at a rate equal to the Sterling Overnight Index Average (SONIA) plus 2.75% per annum. Bristow’s obligations will be secured by 10 search and rescue (SAR) helicopters.