CHC Group LLC (CHC), has completed a $500 million recapitalisation transaction designed to significantly reduce its funded debt obligations. The core of the recapitalisation was the agreement by a significant number of the company’s exsisting debt and equity holders to provide over $100 million in new money and liquidity enhancing commitments.
The first tranche is $60 million in initial funding enhanced by a further available funds commitment of $30 million with the remaining $10 million coming in the form of adjustments to the CHC’s aircraft financing facilities. Commenting on the announcement CHC Group CEO, David Balvec said “Today marks a significant, positive step forward for CHC providing a clear path to a significantly reduced debt burden for the company which will benefit our customers, suppliers, and employees. Our enhanced balance sheet will provide us greater operating flexibility to meet the rapidly changing rotary wing aviation market.”
