Bristow Records Higher-than-expected Q1 Results
Bristow Group’s 2023 first quarter results were higher than management’s estimates with a significant improvement…
Bristow says that it has entered into long-term equipment financing of up to USD$176 million (£145 million) with National Westminster Bank (NatWest).
The funding is under two thirteen-year terms and will be used to repay previous equipment facilities with Lombard North Central Plc.
The credit facilities will bear interest at a rate equal to the Sterling Overnight Index Average plus 2.75% per annum, with repayment due in quarterly installments commencing March 31 this year. Bristow’s obligations will be secured by ten search and rescue (SAR) helicopters.
“We would like to thank NatWest for their continued support of Bristow,” said Chris Bradshaw, President and Chief Executive Officer, Bristow. “These new credit facilities increase our financial flexibility, significantly extend our debt maturities through 2036, and demonstrate our access to capital as the global leader in vertical flight solutions.”
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