Bristow Group Successfully Closes $500 Million Senior Secured Notes Offering and Extends ABL Facility until 2031
Bristow Group Inc. has recently achieved a significant milestone by closing its private offering of senior secured notes totaling $500 million. This offering's fundamental purpose is to bolster the company's financial standing while providing it with increased operational flexibility. The notes, carrying an interest rate of 6.750% and maturing in 2033, were established under an indenture involving several parties, including U.S. Bank Trust Company as the trustee.
Chris Bradshaw, President and CEO of Bristow, expressed satisfaction with this financing strategy, emphasizing its importance for the company’s future operational strategies and liquidity. The completion of the notes offering positions Bristow favorably within its sector, providing it with a strategic advantage as it navigates the complexities of the aviation and energy industries. Furthermore, the net proceeds from the notes will be utilized partially to redeem existing senior secured notes that were set to mature in 2028. This move not only simplifies the company's debt profile but also enhances its overall financial health by releasing liens related to the older notes.
In addition to the notes offering, Bristow has successfully amended and extended its asset-based revolving credit facility (ABL Facility) until 2031. This extension includes a reduction in total commitments, moving from $85 million to $70 million, although the facility includes provisions to increase commitments up to $105 million.
The amendments to the ABL Facility are particularly significant, allowing Bristow to maintain a robust liquidity position during uncertain economic times. The company is well-positioned to address any operational and strategic needs that may arise, ensuring readiness to capitalize on market opportunities.
Bristow Group is recognized as a leading provider of aviation services, primarily catering to offshore energy companies and government entities. Their services span a range of needs, including personnel transportation, emergency medical services, and search and rescue operations. The company's strategic focus ensures that it remains a vital player across various locations, including the US, the UK, Brazil, Nigeria, and others.
This latest financing strategy reflects Bristow Group’s commitment to maintaining a flexible and strong financial framework, ensuring continued support for its operational needs and strategic goals. By utilizing the funds to enhance its liquidity and reduce existing debts, Bristow is embarking on a path of renewed confidence in its future endeavors within the aviation industry. Overall, the company's multifaceted approach to financing and debt management demonstrates its ability to adapt to market conditions while preparing for future growth.
Chris Bradshaw, President and CEO of Bristow, expressed satisfaction with this financing strategy, emphasizing its importance for the company’s future operational strategies and liquidity. The completion of the notes offering positions Bristow favorably within its sector, providing it with a strategic advantage as it navigates the complexities of the aviation and energy industries. Furthermore, the net proceeds from the notes will be utilized partially to redeem existing senior secured notes that were set to mature in 2028. This move not only simplifies the company's debt profile but also enhances its overall financial health by releasing liens related to the older notes.
In addition to the notes offering, Bristow has successfully amended and extended its asset-based revolving credit facility (ABL Facility) until 2031. This extension includes a reduction in total commitments, moving from $85 million to $70 million, although the facility includes provisions to increase commitments up to $105 million.
The amendments to the ABL Facility are particularly significant, allowing Bristow to maintain a robust liquidity position during uncertain economic times. The company is well-positioned to address any operational and strategic needs that may arise, ensuring readiness to capitalize on market opportunities.
Bristow Group is recognized as a leading provider of aviation services, primarily catering to offshore energy companies and government entities. Their services span a range of needs, including personnel transportation, emergency medical services, and search and rescue operations. The company's strategic focus ensures that it remains a vital player across various locations, including the US, the UK, Brazil, Nigeria, and others.
This latest financing strategy reflects Bristow Group’s commitment to maintaining a flexible and strong financial framework, ensuring continued support for its operational needs and strategic goals. By utilizing the funds to enhance its liquidity and reduce existing debts, Bristow is embarking on a path of renewed confidence in its future endeavors within the aviation industry. Overall, the company's multifaceted approach to financing and debt management demonstrates its ability to adapt to market conditions while preparing for future growth.
Topics Financial Services & Investing）
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