Quarterly report [Sections 13 or 15(d)]

DEBT

v3.25.1
DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Debt as of March 31, 2025 and December 31, 2024 consisted of the following (in thousands):
March 31,
2025		 December 31,
2024
6.875% Senior Notes
 $ 395,960  $ 395,610 
UKSAR Debt 201,988  200,273 
IRCG Debt 104,000  93,900 
Total debt 701,948  689,783 
Less short-term borrowings and current maturities of long-term debt (19,184) (18,614)
Total long-term debt $ 682,764  $ 671,169 
6.875% Senior Notes — In February 2021, the Company issued $400.0 million aggregate principal amount of its 6.875% senior secured notes due March 2028 (the “6.875% Senior Notes”) and received net proceeds of $395.0 million. The 6.875% Senior Notes are fully and unconditionally guaranteed as to payment by a number of subsidiaries. Interest on the 6.875% Senior Notes is payable semi-annually in arrears on March 1st and September 1st of each year. The 6.875% Senior Notes may be redeemed at any time and from time to time, with sufficient notice and at the applicable redemption prices set forth in the indenture governing the 6.875% Senior Notes, inclusive of any accrued and unpaid interest leading up to the redemption date. The indenture governing the 6.875% Senior Notes contains covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem the Company’s capital stock, prepay, redeem or repurchase certain debt, make loans and investments, sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting its subsidiaries’ ability to pay dividends, and consolidate, merge or sell all or substantially all of its assets. In addition, upon a specified change of control trigger event, the Company must make an offer to repurchase each noteholder’s notes at an offer price of 101% of the aggregate principal amount, plus accrued and unpaid interest.
As of March 31, 2025 and December 31, 2024, the Company had $4.0 million and $4.4 million, respectively, of unamortized deferred financing fees associated with the 6.875% Senior Notes.
UKSAR Debt — During the three months ended March 31, 2025 and 2024, the Company made principal payments of $4.8 million and $3.3 million, respectively, related to its two thirteen-year secured equipment financings for an aggregate amount up to £145 million with National Westminster Bank Plc as arranger, agent and security trustee (“UKSAR Debt”). As of March 31, 2025 and December 31, 2024, the Company had unamortized deferred financing fees associated with the UKSAR Debt of $9.0 million and $9.1 million, respectively.
IRCG Debt — During the three months ended March 31, 2025, the Company drew approximately $5.8 million (€5.6 million) under this facility. As of March 31, 2025 and December 31, 2024, the Company had unamortized deferred financing fees of $2.9 million and $2.8 million, respectively, associated with its long-term equipment financing for an aggregate amount of up to €100.0 million with National Westminster Bank Plc as the original lender and UK Export Finance guaranteeing 80% of the facility (“IRCG Debt”).
ABL Facility — The Company’s asset-backed revolving credit facility (the “ABL Facility”) provides that amounts borrowed under the ABL Facility (i) are secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited, and (ii) are fully and unconditionally guaranteed as to payment by the Company, as a parent guarantor, and each of Bristow Norway AS, Bristow Helicopters Limited (“BHL”), Bristow U.S. LLC and Era Helicopters, LLC. As of March 31, 2025, the ABL Facility provided for commitments in an aggregate amount of $85.0 million with the ability to increase the total commitments up to a maximum aggregate amount of $120.0 million, subject to the terms and conditions therein.
As of March 31, 2025, there were no outstanding borrowings under the ABL Facility nor had the Company made any draws during the three months ended March 31, 2025. Letters of credit issued under the ABL Facility in the aggregate face amount of $8.8 million were outstanding as of March 31, 2025.