Aerospace

Bristow secures UKSAR2G finance support

Posted 26 January 2024

Bristow Group has entered new 12 year secured equipment financing for up to £55 million with a syndicate of banks led by National Westminster Bank Plc, to support its 2nd generation UK search and rescue (UKSAR2G) contract.

Image courtesy Bristow

The proceeds from the financing will be used to support Bristow's capital commitments related to the 2nd generation UK search and rescue (UKSAR2G) contract with the Department for Transport and the Maritime & Coastguard Agency of the United Kingdom.

"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 AgustaWestland AW139 search and rescue (SAR) helicopters (above). The credit facility has a 15-month availability period and is expected to fund during 2024, subject to delivery of the new SAR helicopters. The credit facilities will bear interest at a rate equal to the Sterling Overnight Index Average plus 2.75% per annum.

The banking syndicate includes NatWest, Clydesdale Bank PLC (trading as Virgin Money) and First-Citizens Bank & Trust Company.