Bristow secures €100m loan for Irish SAR helicopters

Bristow UK subsidiary Bristow Leasing secures €100m ($108m) term loan to fund its next generation of SAR operations in Ireland.

Leonardo Helicopters AW189

Bristow Group announced that its UK subsidiary Bristow Leasing has secured a €100m ($108m) term loan to fund its next generation of search and rescue (SAR) operations in Ireland.

The loan is provided by National Westminster Bank (NatWest) with an 80% guarantee from UK Export Finance (UKEF).

“The proceeds from the UKEF debt will enhance our financial flexibility as Bristow grows its leading government services business with the new Irish Coast Guard contract investments,” said Chris Bradshaw, president and CEO, Bristow.

“We would like to thank NatWest and UK Export Finance for their confidence in Bristow and for helping facilitate our continued success.”

The loan will be secured by five new Leonardo AW189 helicopters specifically configured for SAR missions.

The funds are expected to be released in 2024 upon delivery of the helicopters.

The loan has a two-year availability period followed by a five-year term, with interest set at EURIBOR plus 1.95% per annum.

Meanwhile, find out why Chris Bradshaw seemed in buoyant mood when he led the group’s First Quarter 2024 investors’ Call earlier this year.