WFW advised on Bristow’s €100m loan to acquire five SAR AW189s

WFW advised NatWest and UKEF on an €100m loan to Bristow.

Watson Farley Williams (WFW) advised National Westminster Bank and UK Export Finance (UKEF) on an €100m ($109.23m) Export Development Guarantee term loan granted to Bristow Group. The operator will use the fund to acquire five new AgustaWestland AW189s to provide search and rescue (SAR) services to the Irish Coast Guard.

NatWest acted as mandated lead arranger, structuring bank, lender and facility and security agent, with UKEF guaranteeing 80% of the loan.

Patrick Moore, partner with WFW London Assets & Structured Finance team, which advised NatWest, said: “We’re delighted to have advised NatWest and UKEF on this innovative financing which both combines an Export Development Guarantee with asset financing terms and helps Bristow carry out life-saving missions.”

Being instructed on such a matter highlights “the expertise and experience WFW brings to the table when advising on complex ECA-backed financing transactions”, he added.

Italian law advice was provided by WFW Milan partner Mario D’Ovidio, supported by senior associate Alessandro di Carlo.

Meanwhile, speaking in June, Chris Bradshaw, president and CEO, Bristow said: “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.” Bristow Ireland confirmed in August 2023 it had signed a 10-year SAR contract with the Irish Department of Transport, after being named as the preferred bidder earlier in the year.

The operator will fly missions in six specialised SAR-configured AW189 helicopters from dedicated bases in Sligo, Shannon, Waterford, and Dublin Weston. In addition to the helicopter service, the new Coast Guard aviation service will, for the first time, include a fixed-wing aircraft service.