Story ID: 
Bristow Refinances UK SAR Debt
By: Mark Huber
Caption: Bristow signs $176 million deal to refinance debt associated with UK SAR contract.
Word Count: 173
Bristow Group has entered into a $176 million, 13-year deal with National Westminster Bank that gives Bristow some financial breathing room. It will use the funds to retire debt associated with the refinancing of associated expenses and 10 aircraft being used on its search-and-rescue (SAR) contracts with the UK Department for Transport and the Maritime and Coastguard Agency. 
“These new credit facilities increase our financial flexibility, significantly extend our debt maturities through 2036, and demonstrate our access to capital as the global leader in vertical flight solutions,” said Bristow president and CEO Chris Bradshaw. The proceeds from the financings will be used to refinance the indebtedness of the previous equipment financing facilities with Lombard North Central. 
The credit facilities are expected to fund during the current quarter. They will have 13-year terms with repayment due in quarterly installments, beginning March 31. The credit facilities will bear interest at a rate equal to the Sterling overnight index average plus 2.75 percent per annum.