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HOUSTON - Bristow Group Inc. (NYSE:VTOL), an international provider of industrial aviation services with a market capitalization of $1.01 billion, has drawn an additional €6 million under its existing BLL Facilities Agreement, the company disclosed in a recent SEC filing. This latest drawdown occurred on Monday, bringing the total borrowed funds to €99 million. According to InvestingPro data, the company operates with a significant debt burden, though it maintains strong liquidity positions.
The borrowing is part of a larger financing arrangement that was first established on June 12, 2024, between Bristow Leasing Limited (BLL), as the borrower, and various lenders. The agreement includes a total commitment of up to €100 million, designed to finance the acquisition of five new AgustaWestland AW189 helicopters.
These aircraft are earmarked for use by Bristow Ireland Limited, an indirect subsidiary of Bristow Group, to fulfill its contract with the Irish Department of Transport. The contract involves providing search and rescue services for the Irish Coast Guard. With a current ratio of 1.83, InvestingPro analysis shows the company’s liquid assets comfortably exceed its short-term obligations.
After the recent transaction, €1 million remains available under the BLL Term Loan Facility, which is colloquially known as the "IRCG Debt." The funding structure comprises two parts: €80 million from UK export facility lenders and €20 million from commercial facility lenders.
Bristow Group, headquartered in Houston, Texas, operates under the air transportation, nonscheduled industry classification. The company’s common stock is traded on the NYSE under the ticker symbol (NYSE:VTOL).
The details of the financial arrangement were outlined in the SEC Form 8-K filed on February 5, 2025, which provides a comprehensive overview of the transaction. This strategic financial maneuver underscores Bristow Group’s commitment to investing in its fleet and enhancing its service capacity in the realm of emergency response and safety operations.
Based on InvestingPro’s Fair Value analysis, the stock appears slightly undervalued at current levels, with analysts setting price targets suggesting significant upside potential. For deeper insights into Bristow Group’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, along with 7 additional key ProTips and extensive financial metrics.
The information reported is based on a press release statement, ensuring transparency and accuracy in the dissemination of Bristow Group’s financial developments.
In other recent news, Bristow Group Inc., a global industrial aviation service provider, has successfully borrowed an additional £26 million under its existing senior secured term loan facility, known as the "UKSAR Debt." This marks the second utilization of the loan agreement initially signed on January 24, 2024, with National Westminster Bank Plc and other lenders. Concurrently, Bristow Helicopters Limited, a subsidiary of Bristow Group, voluntarily canceled the remaining commitments of approximately £3 million, utilizing the entirety of the loan facility.
In a separate development, Bristow Group reported a strong financial performance for the third quarter of 2024 during a recent earnings call. The company raised its adjusted EBITDA guidance for the quarter, with President and CEO Chris Bradshaw emphasizing the company’s continuing focus on safety. CFO Jennifer Whalen and Senior Manager of Investor Relations and Financial Reporting, Red Tilahun, also provided insights into the company’s financials and operational highlights.
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