Bristow announces $75 million tender offer

Bristow Caribbean

Bristow Group has announced a cash tender offer to purchase $75 million of its secured notes maturing in 2023.

The tender offer to purchase the 8.74% senior secured notes opened yesterday (12 August) and will expire at midnight 9 September 2019 New York time. Accrued and unpaid interest on the notes will also be paid.

The notes are a part of a $350 million private offering issued in March 2018. The issue was originally set at $300 million before being upsized to $350 million. It is also secured by the group’s fleet of 77 aircraft as collateral, with the right to redeem all of the issue at 100% value by March 2020. Moody’s rated the offering as B2.

This announcement comes a week after Bristow filed its final reorganisation plan, a crucial step ion its Chapter 11 bankruptcy protection proceedings.

The plan includes a basic balance sheet restructuring, reducing debt and improving liquidity in order to emerge from bankruptcy, similar to the road followed by CHC. Supporting the plan is the $385 million backstop commitment and an amended restructuring support agreement.

Don Miller, president and CEO of Bristow, said: “The plan will allow us to emerge from bankruptcy as a stronger company that is even better positioned to continue to deliver safe, reliable and professional services, and build sustainable value for the future as the industry leader in global oil and gas transport and search and rescue services.”

A hearing will be scheduled with the court to consider approval of the disclosure statement. Following court approval, the statement and plan will be distributed to stakeholders.

You can read the full announcement of the tender offer here.



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