Bristow enters into long-term equipment financing
The deal is for up to £55 million to support the new UKSAR2G contract
Bristow Group and its subsidiaries announced that it has entered into a new 12-year secured equipment financing for an amount up to £55 million with a syndicate of banks led by NatWest including Virgin Money and First-Citizens Bank & Trust Company. The proceeds from the financing will be used to support Bristow’s capital commitments related to the second-generation UK search and rescue (UKSAR2G) contract with the Department for Transport and the Maritime & Coastguard Agency of the UK.
“This new credit facility further strengthens our financial position and will support a successful transition of operations to the new UKSAR2G contract,” said Chris Bradshaw, President and Chief Executive Officer of Bristow. “We would like to thank our banking partners for their support of Bristow and for helping facilitate our continued growth and success.”
Bristow’s obligations will be secured by four new-delivery AW139 search and rescue (SAR) helicopters. The credit facility has a 15-month availability period and is expected to fund during 2024, subject to delivery of the new SAR helicopters.
Bristow recently reached an agreement for SAR operations in Ireland.
Jon Adams
Jon is the Editor of AirMed&Rescue. He was previously Editor for Clinical Medicine and Future Healthcare Journal at the Royal College of Physicians before coming to AirMed&Rescue in November 2022. His favorite helicopter is the Army Air Corps Lynx that he saw his father fly while growing up on Army bases.