Bristow Group secures €100 million loan for Irish SAR operations

Bristow Group Inc. announced that its UK subsidiary, Bristow Leasing Limited, has entered into a new Export Development Guarantee term-loan facility.

This facility, totalling up to €100 million, is provided by National Westminster Bank Plc (NatWest) and guaranteed 80% by UK Export Finance (UKEF).

The funds will be used to support Bristow’s capital commitments related to the next generation of search and rescue (SAR) operations in Ireland.

UK Export Finance, the UK’s export credit agency, offers the Export Development Guarantee product to support the working capital and capital expenditure needs of UK exporters.

Financial flexibility and growth in government services

Chris Bradshaw, President and Chief Executive Officer of Bristow, commented on the financing: “The proceeds from the UKEF Debt will enhance our financial flexibility as Bristow grows its leading government services business with the new Irish Coast Guard contract investments.”

Bradshaw also expressed gratitude to NatWest and UK Export Finance for their confidence in Bristow and for facilitating continued success.

Bristow’s obligations under the loan will be secured by five new-delivery Leonardo AW189 SAR-configured helicopters.

These helicopters are expected to be delivered during 2024.

Loan terms and interest rates

The UKEF Debt has a two-year availability period followed by a five-year term.

The loan will bear interest at a rate equal to the Euro Interbank Offered Rate (EURIBOR) plus 1.95% per annum.

The loan is expected to fund during 2024, subject to the delivery of the new SAR-configured helicopters.