HOUSTON, Jan. 11,
2023 /PRNewswire/ -- Bristow Group Inc. (NYSE:
VTOL) and its subsidiaries announced today that it has entered into
two thirteen-year secured equipment financings for an aggregate
amount up to £145 million with National Westminster Bank Plc
("NatWest"). The proceeds from the financings will be used to
refinance the indebtedness of the previous equipment financing
facilities with Lombard North Central Plc, refinance the aircraft
financed thereby, and provide additional financing to support
Bristow's obligations under its contracts with the Department for
Transport and the Maritime & Coastguard Agency of the
United Kingdom.
"We would like to thank NatWest for their continued support of
Bristow," said Chris Bradshaw,
President and Chief Executive Officer of 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."
The credit facilities are expected to fund during the first
quarter of 2023. Upon funding, the credit facilities will have
thirteen-year terms with repayment due in quarterly installments
commencing March 31, 2023. The credit
facilities will bear interest at a rate equal to the Sterling
Overnight Index Average plus 2.75% per annum. Bristow's obligations
will be secured by ten search and rescue (SAR) helicopters.
About Bristow Group
Bristow Group Inc. is the leading global provider of innovative
and sustainable vertical flight solutions. Bristow primarily
provides aviation services to a broad base of major integrated,
national, and independent offshore energy companies. Bristow
provides commercial search and rescue (SAR) services in several
countries and public sector aviation services such as SAR and other
services on behalf of government entities. Additionally, the
Company offers ad hoc helicopter and fixed wing transportation
services. Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Guyana, India, Mexico, the
Netherlands, Nigeria,
Norway, Spain, Suriname, Trinidad, the U.K., and the U.S. To learn
more, visit our website at www.bristowgroup.com.
Forward-Looking Statements
Disclosure
This press release contains "forward-looking statements."
Forward-looking statements represent Bristow Group Inc.'s (the
"Company") current expectations or forecasts of future events.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe," "project," or
"continue," or other similar words. These statements are made under
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, reflect management's current views with respect
to future events and therefore are subject to significant risks and
uncertainties, both known and unknown. The Company's actual results
may vary materially from those anticipated in forward-looking
statements. The Company cautions investors not to place undue
reliance on any forward-looking statements. Forward-looking
statements speak only as of the date of the document in which
they are made. The Company disclaims any obligation or undertaking
to provide any updates or revisions to any forward-looking
statement to reflect any change in the Company's expectations or
any change in events, conditions or circumstances on which the
forward-looking statement is based that occur after the date
hereof, except as may be required by applicable law.
Risks that may affect forward-looking statements include, but
are not necessarily limited to, those relating to: public health
crises, such as pandemics (COVID-19) and epidemics, and any related
government policies and actions; any failure to effectively manage,
and receive anticipated returns from, acquisitions, divestitures,
investments, joint ventures and other portfolio actions; our
inability to execute our business strategy for diversification
efforts related to, government services, offshore wind, and
advanced air mobility; our reliance on a limited number of
customers and the reduction of our customer base as a result of
consolidation and/or the energy transition; the possibility that we
may be unable to maintain compliance with covenants in our
financing agreements; global and regional changes in the demand,
supply, prices or other market conditions affecting oil and gas,
including changes resulting from a public health crisis or from the
imposition or lifting of crude oil production quotas or other
actions that might be imposed by the Organization of Petroleum
Exporting Countries (OPEC) and other producing countries;
fluctuations in the demand for our services; the possibility that
we may impair our long-lived assets and other assets, including
inventory, property and equipment and investments in unconsolidated
affiliates; the possibility of significant changes in foreign
exchange rates and controls; potential effects of increased
competition and the introduction of energy efficient alternative
modes of transportation and solutions; the possibility that we may
be unable to re-deploy our aircraft to regions with greater demand;
the possibility of changes in tax and other laws and regulations
and policies, including, without limitation, actions of the
governments that impact oil and gas operations or favor renewable
energy projects; the possibility that we may be unable to dispose
of older aircraft through sales into the aftermarket; general
economic conditions, including the capital and credit markets; the
possibility that segments of our fleet may be grounded for extended
periods of time or indefinitely; the existence of operating risks
inherent in our business, including the possibility of declining
safety performance; the possibility of political instability, war
or acts of terrorism in any of the countries where we operate; the
possibility that reductions in spending on aviation services by
governmental agencies could lead to modifications of our search and
rescue ("SAR") contract terms with governments, our contracts with
the Bureau of Safety and Environmental Enforcement ("BSEE") or
delays in receiving payments under such contracts; the
effectiveness of our environmental, social and governance
initiatives; the impact of supply chain disruptions and inflation
and our ability to recoup rising costs in the rates we charge to
our customers; and our reliance on a limited number of helicopter
manufacturers and suppliers.
If one or more of the foregoing risks materialize, or if
underlying assumptions prove incorrect, actual results may vary
materially from those expected. You should not place undue reliance
on our forward-looking statements because the matters they describe
are subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond our control. Our
forward-looking statements are based on the information currently
available to us and speak only as of the date hereof. New risks and
uncertainties arise from time to time, and it is impossible for us
to predict these matters or how they may affect us. We have
included important factors in the section entitled "Risk Factors"
in the Company's Annual Report on Form 10-K for the fiscal year
ended March 31, 2022 (the "Annual
Report") and our Quarterly Report on Form 10-Q for the quarter
ended September 30, 2022 which we
believe over time, could cause our actual results, performance or
achievements to differ from the anticipated results, performance or
achievements that are expressed or implied by our forward-looking
statements. You should consider all risks and uncertainties
disclosed in the Annual Report and in our filings with the United
States Securities and Exchange Commission (the "SEC"), all of which
are accessible on the SEC's website at www.sec.gov.
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SOURCE Bristow Group