The UK subsidiary of Bristow, Bristow Leasing, entered into a new export development guarantee term-loan facility for an aggregate amount of up to €100 million with National Westminster Bank as the original lender and UK Export Finance guaranteeing 80% of the facility. The proceeds from the financing will be used to support Bristow’s capital commitments related to the next generation of search and rescue operations in Ireland.
“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,” Chris Bradshaw, president and CEO of Bristow, said. “We would like to thank NatWest and UK Export Finance for their confidence in Bristow and for helping facilitate our continued success.”
Bristow’s obligations will be secured by five new-delivery Leonardo AW189 SAR-configured helicopters. The UKEF debt has a two-year availability period followed by a five-year term and is expected to fund during 2024, subject to delivery of the new SAR-configured helicopters. The UKEF debt will bear interest at a rate equal to the Euro Interbank Offered Rate plus 1.95% per annum.
