Bristow Group closes $500m offering, extends ABL facility

Houston-based Bristow Group said it has successfully closed private offering of $500m aggregate principal amount of 6.750% senior secured notes due 2033 and extension of asset-based revolving credit facility until 2031.

“We are very pleased to complete this important financing, which strengthens Bristow’s financial position and provides greater strategic and operational flexibility,” said Chris Bradshaw, president and CEO of Bristow. “With the successful offering of our new senior secured notes and the extension of our ABL facility, Bristow benefits from an extended maturity profile and strong liquidity position.”

Bristow used a portion of net proceeds to fund the previously announced satisfaction and discharge of its outstanding 6.875% senior secured notes due 2028 with an aggregate principal amount of approximately $397m.

The company intends to use the remaining net proceeds from the offering for general corporate purposes.

In addition, the company announced an amendment and restatement of the ABL facility extending the facility’s maturity to 2031, reducing total commitments from $85m to $70m and includes the ability to increase the total commitments up to a maximum aggregate amount of $105m.