Macquarie Agents $200MM Bristow Facility



Bristow U.S., a subsidiary of Bristow Group, entered into a $200 million term loan credit agreement with Macquarie Bank as administrative agent and security agent.

At the same time, Bristow U.S. entered into separate lease agreements with Wells Fargo Bank Northwest, as owner trustee for Macquarie Aerospace, with respect to five helicopters.

The 2017 term loan will bear interest at an interest rate equal to the ICE Benchmark Administration Limited LIBOR plus 5.35% per annum. The borrower will repay an amount equal to 1.75% of the 2017 term loan quarterly on every March 31, June 30, September 30 and December 31.

The borrower’s obligations under the agreement are guaranteed by the company and will be secured by 20 oil and gas configured helicopters having an aggregate value of approximately $335.6 million, together with the engines and other equipment and parts that may from time to time be installed on the aircraft and certain other related assets.

The agreement includes covenants to maintain, register and insure the aircraft collateral and restrictions on the ability of the borrower to incur additional liens on or sell the aircraft collateral.

The proceeds of the 2017 term loan are expected to be used to repay portions of the company’s outstanding term loan indebtedness under previous financing agreements with SunTrust Bank as administrative agent.

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