HOUSTON, Feb. 20, 2018 /PRNewswire/ -- Bristow Group Inc.
(NYSE: BRS) today announced that certain of its subsidiaries
have received commitments from lenders to enter into a new
asset-backed revolving credit facility (the "ABL Facility").
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
$75 million, subject to an
availability block of $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.
The ABL Facility is expected to be secured by certain accounts
receivable owing to the borrower subsidiaries and the deposit
accounts into which payments on such accounts receivable are
deposited. Under the expected terms, the ABL Facility will be
guaranteed on an unsecured basis by Bristow, and each borrower will
guarantee the other borrower's obligations. The commitments to the
ABL Facility are subject to the finalization and execution of
definitive agreements and contingent upon the closing of the ABL
Facility. The closing of the ABL Facility is conditioned, among
other things, on the closing of at least a $250 million secured bond financing by Bristow
and the repayment and termination of Bristow's senior secured
amended and restated revolving credit and term loan agreement. We
cannot assure you that the ABL Facility will be completed on
schedule or at all. The offering of the notes is not conditioned
upon the closing of the ABL Facility.
ABOUT BRISTOW GROUP INC.
Bristow Group Inc. is the leading 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 U.S. 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
U.K. on behalf of the Maritime and Coastguard Agency. For more
information, visit Bristow's website at www.bristowgroup.com.
FORWARD-LOOKING STATEMENTS
Statements contained in this news release that state the
company's or management's intentions, hopes, beliefs, expectations
or predictions of the future are forward-looking statements.
Specifically, the company cannot assure you that the proposed
transactions described above will be consummated on the terms
currently contemplated, if at all. Actual results could differ
materially from those projected in such forward-looking statements.
Additional information concerning factors that could cause actual
results to differ materially from those in the forward-looking
statements is contained from time to time in the company's filings
with the Commission, including but not limited to the company's
Annual Report on Form 10-K for the fiscal year ended March 31, 2017 and Quarterly Reports on Form 10-Q
for the quarters ended June 30, 2017,
September 30, 2017 and December 31, 2017. Bristow Group Inc. disclaims
any intention or obligation to revise any forward-looking
statements, including financial estimates, whether as a result of
new information, future events or otherwise.
Linda McNeill
Investor Relations
(713) 267-7622
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SOURCE Bristow Group Inc.