NatWest agrees £145m helicopter loans for Bristow
NatWest has agreed two loans re-financing helicopters for Bristow’s UK search and rescue contract. The two 13-year loans are secured by 10 SAR helicopters and have a combined value of £145m ($177m).
The refinance loans made by Lombard North Central a subsidiary of NatWest. Bristow will pay interest at Sterling Overnight Index Average plus 2.75% per year.
“We would like to thank NatWest for their continued support of Bristow,” said Chris Bradshaw, president and CEO, Bristow. “These new credit facilities increase our financial flexibility, significantly extend our debt maturities through 2036, and demonstrate our access to capital as the global leader in vertical flight solutions.”
The loans are expected to fund in the first quarter of 2023. They repay quarterly.