Quarterly report [Sections 13 or 15(d)]

DEBT

v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Debt as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):
March 31,
2026		 December 31,
2025
6.750% Senior Notes
 $ 489,251  $ — 
6.875% Senior Notes
 —  397,031 
UKSAR Debt 153,783  160,635 
IRCG Debt 111,776  113,788 
Total debt 754,810  671,454 
Less current maturities of long-term debt (27,404) (27,943)
Total long-term debt $ 727,406  $ 643,511 
6.750% Senior Notes — In January 2026, the Company issued $500 million aggregate principal amount of its 6.750% Senior Secured Notes due February 2033 (“6.750% Senior Notes”), which were issued at par and bear interest payable semiannually in arrears on February 1st and August 1st of each year. The 6.750% Senior Notes are fully and unconditionally guaranteed on a senior secured basis by certain existing material domestic and foreign subsidiaries and secured by first‑priority liens, subject to limited exceptions, on substantially all of the Company’s and the subsidiary guarantors’ tangible and intangible assets, including certain pledged aircraft. The Company used a portion of the net proceeds to redeem its 6.875% Senior Notes due 2028 (“6.875% Senior Notes”) in full on March 1, 2026, with the remaining net proceeds to be used for general corporate purposes. In connection with this refinancing, the Company recognized a $2.8 million loss on debt extinguishment related to unamortized deferred financing fees associated with the 6.875% Senior Notes that were outstanding as of December 31, 2025.
As of March 31, 2026, the Company had $10.7 million of unamortized deferred financing fees associated with the 6.750% Senior Notes.
UKSAR Debt — During the three months ended March 31, 2026 and 2025, the Company made principal payments of $4.0 million and $4.8 million, respectively, related to its long term secured equipment financings for an aggregate amount up to £200 million with National Westminster Bank Plc as arranger, agent and security trustee (“UKSAR Debt”). As of March 31, 2026 and December 31, 2025, the Company had unamortized deferred financing fees associated with the UKSAR Debt of $6.2 million and $6.6 million, respectively.
IRCG Debt — As of March 31, 2026 and December 31, 2025, the Company had unamortized deferred financing fees of $2.3 million and $2.5 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”). The first principal payment due under this facility is in June 2026.
ABL Facility — In January 2026, the Company entered into an amendment and restatement (the “ABL Amendment”) of its asset-backed revolving facility between, among others, Bristow Helicopters Limited and Bristow LLC as borrowers and Barclays Bank plc as agent and security agent (“ABL Facility”). The ABL Amendment, among other things, extended the maturity date of the ABL Facility to January 26, 2031 (subject to
certain provisions), reduced the total commitments under the ABL Facility from $85 million to $70 million and included the ability to increase the total commitments up to a maximum aggregate amount of $105 million (subject to satisfaction of certain terms and conditions). The ABL Amendment provides that amounts borrowed under the ABL Facility (i) are secured by certain accounts receivable owing to the borrowers and certain guarantor subsidiaries party thereto 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 by certain existing material domestic and foreign subsidiaries.
As of March 31, 2026, there were no outstanding borrowings under the ABL Facility nor had the borrowers made any draws during the three months ended March 31, 2026. Letters of credit issued under the ABL Facility in the aggregate face amount of $10.0 million were outstanding as of March 31, 2026.