Bristow Group Inc. (VTOL): debt financing — Bristow enters into £145M secured equipment financings with NatWest maturing 2036

Bristow Group Inc.

Two tranches: GBP 70M for Bristow U.S. Leasing and GBP 75M for Bristow Aircraft Leasing.
Interest rate SONIA + 2.75%, 13-year term with quarterly installments commencing March 31, 2023.
Proceeds to refinance existing Lombard facilities, refinance aircraft, and support UK SAR contracts.
Secured by ten SAR helicopters (3 Sikorsky S-92, 2 Leonardo AW189 for US; 5 AW189 for UK).
Funding expected Q1 2023; extends debt maturities to 2036.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Bristow Group Inc. incurred term loan of up to GBP 75,000,000 with National Westminster Bank Plc at Sterling Overnight Index Average plus 2.75% per annum maturing March 31, 2036.

Instrument: term loan
Principal: up to GBP 75,000,000
Counterparty: National Westminster Bank Plc
Rate: Sterling Overnight Index Average plus 2.75% per annum
Maturity: March 31, 2036
Event: incurrence

Exact text from the filing

to provide commitments to make a term loan in the amount of up to GBP 75,000,000

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Bristow Group Inc. incurred term loan of up to GBP 70,000,000 with National Westminster Bank Plc at Sterling Overnight Index Average plus 2.75% per annum maturing March 31, 2036.

Instrument: term loan
Principal: up to GBP 70,000,000
Counterparty: National Westminster Bank Plc
Rate: Sterling Overnight Index Average plus 2.75% per annum
Maturity: March 31, 2036
Event: incurrence

Exact text from the filing

to provide commitments to make a senior secured term loan in the amount of up to pound sterling (“GBP”) 70,000,000

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Bristow Group Inc. entered into U.K. Facility Agreement with National Westminster Bank Plc, as arranger, agent and security agent, and the lenders from time to time party thereto valued at up to GBP 75,000,000 (effective 2023-01-10).

Action: entry
Agreement: credit facility
Counterparty: National Westminster Bank Plc, as arranger, agent and security agent, and the lenders from time to time party thereto
Value: up to GBP 75,000,000
Effective: 2023-01-10

Exact text from the filing

On the Facility Agreement Signing Date, Bristow Aircraft Leasing Limited (the “U.K. Borrower”), a subsidiary of the Company, entered into a Facility Agreement (the “U.K. Facility Agreement”) among the U.K. Borrower, as borrower, the lenders from time to time party thereto and National Westminster Bank Plc, as arranger, agent and security agent, pursuant to which the lenders have agreed to provide commitments to make a term loan in the amount of up to GBP 75,000,000 (the “U.K. Borrower Term Loan”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Bristow Group Inc. entered into U.S. Facility Agreement with National Westminster Bank Plc, as arranger, agent and security agent, and the lenders from time to time party thereto valued at up to pound sterling ("GBP") 70,000,000 (effective 2023-01-10).

Action: entry
Agreement: credit facility
Counterparty: National Westminster Bank Plc, as arranger, agent and security agent, and the lenders from time to time party thereto
Value: up to pound sterling ("GBP") 70,000,000
Effective: 2023-01-10

Exact text from the filing

On January 10, 2023 (the “Facility Agreement Signing Date”), Bristow U.S. Leasing LLC (the “U.S. Borrower”), a subsidiary of Bristow Group Inc. (the “Company”), entered into a Facility Agreement (the “U.S. Facility Agreement”) among the U.S. Borrower, as borrower, the lenders from time to time party thereto and National Westminster Bank Plc, as arranger, agent and security agent, pursuant to which the lenders have agreed to provide commitments to make a senior secured term loan in the amount of up to pound sterling (“GBP”) 70,000,000, to be provided in two tranches of up to GBP 40,000,000 and GBP 30,000,000 (the “U.S. Borrower Term Loan”).

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Bristow Group Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-008346

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