Milestone Aviation Group Limited, a GE Capital Aviation Services (GECAS) company and a global leader in helicopter leasing, has announced a commitment letter with Bristow Group Inc., a provider of global industrial aviation services, the company said.
Under the agreement, Milestone is providing a USD 230 million secured term loan facility to a subsidiary of Bristow, secured by a pool of Bristow´s helicopter assets. As part of the agreement, Bristow will extend select Sikorsky S-92 leases with Milestone, and Milestone will also defer lease rentals on select Airbus H225 assets on lease to Bristow.
Milestone Aviation Group has a fleet of over 225 helicopters worth USD 3.9bn plus debt commitments of approximately USD 400m. The company has a forward order book of firm and option aircraft with an estimated aggregate purchase price in excess of USD 3bn.
Milestone partners with helicopter operators worldwide, providing a wide array of financial and productivity solutions, including operating leases, purchase/leasebacks, secured debt financing, engine leasing and fleet advisory. The company supports 34 customers in 26 countries serving a variety of industries, including offshore oil and gas, search and rescue, emergency medical services, police surveillance, mining and other utility missions.
GE Capital Aviation Services (GECAS), in aviation leasing and financing, offers a wide range of aircraft types including narrowbodies, widebodies, regional jets, turboprops, freighters and helicopters, plus multiple financing products and services including operating leases, purchase/leasebacks, secured debt financing, capital markets, engine leasing, airframe parts management and airport/airline consulting. GECAS owns or services a fleet of over 1,950 aircraft in operation or on order, plus provides loans collateralized on approximately additional 400 aircraft. GECAS serves customers in over 75 countries from a network of 25 offices.
Fairfield, Connecticut-based General Electric Company (NYSE: GE) operates as an infrastructure and financial services company worldwide. GE is organized around a global exchange of knowledge, the “GE Store,” through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors.