Bristow Group Inc. (NYSE: VTOL) has just announced the successful closing of a significant financial move, securing $500 million in aggregate principal amount of 6.750% senior secured notes due 2033. This private offering has bolstered the company's financial position and extended its strategic and operational flexibility. The company also amended and extended its asset-based revolving credit facility (ABL facility) until 2031, reducing the total commitments under the ABL facility from $85 million to $70 million and including the ability to increase total commitments up to a maximum aggregate amount of $105 million.
The net proceeds from the offering were used to fund the satisfaction and discharge of outstanding 6.875% senior secured notes due 2028, resulting in the release of the liens securing these notes. The company intends to utilize the remaining net proceeds for general corporate purposes.
The amendment and restatement of the ABL facility, among other things, extends its maturity to 2031, further strengthening the company's financial position and liquidity.
Bristow Group Inc. is a leading global provider of vertical flight solutions, offering aviation services to offshore energy companies and government entities. The company's aviation services include personnel transportation, search and rescue, medevac, fixed-wing transportation, unmanned systems, and ad hoc helicopter services. With customers in various countries, including Australia, Brazil, Canada, Chile, the Dutch Caribbean, Ireland, Nigeria, Norway, and the United States, Bristow Group Inc. continues to play a vital role in the global aviation industry. As a result of these announcements, the company's shares have moved -1.88% on the market, and are now trading at a price of $40.18. If you want to know more, read the company's complete 8-K report here.
