Milestone Aviation Group, a GECAS company, entered an agreement with Bristow Group in which Milestone will provide a $230 million secured term loan facility to a subsidiary of Bristow, secured by a pool of Bristow’s helicopter assets.

As part of the agreement, Bristow will extend select Sikorsky S-92 leases with Milestone, and Milestone will also defer lease rentals on select Airbus H225 assets on lease to Bristow.

“Bristow is a world leader in industrial aviation and our long-time partner, and this funding agreement symbolizes GE and Milestone’s confidence in the Bristow strategy and management team,” said Milestone President and CEO Daniel Rosenthal. “We take great pride in our ability to create innovative solutions to best serve the operators we work with, and as part of GE, we are very pleased that we can continue to be a key contributor of capital to helicopter operators. We understand the challenges that exist in the current environment, and we look forward to continuing to ensure the long-term success of the global helicopter industry.”

“Milestone has been our primary lessor since 2012, and this agreement is another example of the continued strength of their commitment to Bristow Group,” said Jonathan Baliff, Bristow president and CEO. “Throughout our relationship, they have worked creatively and flexibly to structure lease solutions best suited for our business, and with the backing of GE they now have the capability to support our business objectives by providing us with significant financial flexibility, as an important alternative to traditional banking capital.”