Wed, Nov 16, 2016
Proceeds Will Finance Eight SAR Helicopters
Bristow Group Inc. and its subsidiaries have announced that it has entered into two seven-year GBP denominated secured equipment financings for an aggregate $200 million USD equivalent with Lombard, part of The Royal Bank of Scotland. The proceeds from the financings will be used to finance eight search and rescue (SAR) helicopters being utilized for the SAR contract with the U.K. Department for Transport.
"We would like to thank Lombard and The Royal Bank of Scotland for their support of Bristow. Nine of ten U.K. SAR bases are operational now and the final base is expected to be operational in mid-2017. These credit facilities increase our liquidity, term out debt through 2023, and demonstrate our access to capital as a leader in industrial aviation. We will continue to prudently manage our liquidity and balance sheet as we successfully manage through the current oil and gas industry downturn," said Bristow President and Chief Executive Officer Jonathan E. Baliff.
The credit facilities are expected to fund no later than the first quarter of calendar year 2017 and are subject to both U.K. and U.S. 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.
(Source: Bristow group news release. Image from file)
More News
Back-Taxi A term used by air traffic controllers to taxi an aircraft on the runway opposite to the traffic flow. The aircraft may be instructed to back-taxi to the beginning of the>[...]
“Our WAI members across the nation are grateful for the service and sacrifice of the formidable group of WASP who served so honorably during World War II. This group of brave>[...]
“Many aspiring pilots fall short of their goal due to the cost of flight training, so EAA working with the Ray Foundation helps relieve some of the financial pressure and mak>[...]
Blind Speed The rate of departure or closing of a target relative to the radar antenna at which cancellation of the primary radar target by moving target indicator (MTI) circuits i>[...]
Aero Linx: International Airline Medical Association (IAMA) The International Airline Medical Association, formerly known as the Airline Medical Directors Association (AMDA) was fo>[...]