Bristow Group Inc. (NYSE: BRS) has announced that certain of its subsidiaries have received commitments from lenders to enter into a new asset-backed revolving credit facility, the company said.
Bristow expects to close on the ABL Facility within 60 days of entry into the commitment letter for the ABL Facility.
The ABL Facility is expected to provide commitments of USD 75 million, subject to an availability block of USD 15 million and a borrowing base calculated by reference to eligible accounts receivable, with an expected maturity of five years from the closing date, subject to certain earlier maturity triggers related to maturity of other material debt.
Bristow Group Inc. is the global industrial aviation services provider offering helicopter transportation, search and rescue (SAR) and aircraft support services, including maintenance and training, to government and civil organizations worldwide. Bristow has major operations in the North Sea, Nigeria and the US Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Russia and Trinidad. Bristow provides SAR services to the private sector worldwide and to the public sector for all of the UK on behalf of the Maritime and Coastguard Agency. For more information, visit Bristow´s website at www.bristowgroup.com.