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)
Aero Linx: Aviation Suppliers Association (ASA) Established February 25, 1993, the Aviation Suppliers Association (ASA), based in Washington, D.C., is a not-for-profit association,>[...]
Abeam An aircraft is “abeam” a fix, point, or object when that fix, point, or object is approximately 90 degrees to the right or left of the aircraft track. Abeam indic>[...]
Aero Linx: The Air Charter Safety Alliance The group, called the Air Charter Safety Alliance, will raise awareness of illegal charter flights among potential customers, charter bro>[...]
“For months, ALPA has been sounding the alarm on the ongoing efforts by some aircraft manufacturers to remove pilots from the flight deck and replace them with automation. To>[...]