Bristow Group in January arranged thirteen-year secured equipment financing for up to £145 million (US$ 172.6 million) with UK bank NatWest.
Revisiting the financings announcement in its latest quarterly financial results, in which it reported a loss of $7 million, the helicopter business said the proceeds were used to refinance previous equipment financing facilities and to provide additional financing to support its obligations under its SAR [search and rescue] contracts in the UK with the Department for Transport and the Maritime & Coastguard Agency.
The credit facilities were funded on January 27, 2023, for approximately £138 million and have thirteen-year terms with repayment due in quarterly instalments, with the first tranche due on March 31, with the interest set at a rate equal to the SONIA plus 2.75% per annum. Bristow's obligations will be secured by ten SAR helicopters.
Bristow reported $313.6 million in revenue for the fourth quarter of 2022, an increase of $6.3 million on the previous three-month period, but not enough to prevent a swing to the red from a $16.5 million Q3 2022 profit.