Milestone agrees to $230m secured term loan to Bristow
Milestone will be providing a $230m secured term loan facility to a Bristow subsidy as part of a new agreement.
The commitment letter will see Bristow extend Sikorsky S-92 leases with Milestone. Also, Milestone will defer lease rentals on select Airbus H335 assets on lease to Bristow.
“Bristow is a world leader in industrial aviation and our long-time partner, and this funding agreement symbolizes GE and Milestone’s confidence in the Bristow strategy and management team,” said Milestone president and chief executive officer Daniel Rosenthal.
“We take great pride in our ability to create innovative solutions to best serve the operators we work with, and as part of GE, we are very pleased that we can continue to be a key contributor of capital to helicopter operators. We understand the challenges that exist in the current environment, and we look forward to continuing to ensure the long-term success of the global helicopter industry.”
Jonathan Baliff, Bristow president and chief executive officer said: “Milestone has been our primary lessor since 2012, and this agreement is another example of the continued strength of their commitment to Bristow Group,”
Baliff continued: “Throughout our relationship, they have worked creatively and flexibly to structure lease solutions best suited for our business, and with the backing of GE they now have the capability to support our business objectives by providing us with significant financial flexibility, as an important alternative to traditional banking capital.”