Bristow offers up $300 million secured notes, issues new RCF
British helicopter operator Bristow has announced a $300 million private note offering and a new $75 million revolving credit facility to complement it.
The offering is classed as senior secured notes that mature in March 2023. The notes are expected pay interest semi-annually and mature on March 2023 and are collateralised by a pledge of some 77 aircraft.
Bristow will use the proceeds from the notes to repay its outstanding borrowings and to collateralise letters of credit under its new revolving-credit facility. The rest of the proceeds will be used for general corporate purposes.
Unspecified Bristow subsidiaries will guarantee the notes. If more than $125 million of the notes are outstanding by June 2022, the interest rate and pricing terms will be renegotiated.
Alongside the private offering, Bristow also signed a new asset-backed revolving credit facility (RCF) valued at around $75 million.
The “ABL Facility” is expected to close within 60 days and mature five years after closing. It will be secured by accounts owing to Bristow subsidiaries and is subject to an availability block of $15 million and to the borrowing base of the accounts.