» Milestone Aviation Group Closes US$300 Million Credit Facility
Milestone Aviation Group Closes US$300 Million Credit Facility
UK Bank Facility for Bristow Assets Is the Largest Ever for a Helicopter Lessor
DUBLIN - Monday, July 29th 2013 [ME NewsWire]
(BUSINESS WIRE)-- Milestone Aviation Group, the global leader in helicopter leasing, announced today that it has closed a new US$300 million credit facility. The company will use the proceeds to acquire and lease helicopters valued at US$400 million to affiliates of Bristow Group Inc. The assets include Sikorsky S-92’s, Eurocopter EC225’s and AgustaWestland AW189 and AW139 aircraft.
The Milestone facility is the largest-ever for a helicopter lessor. Lloyds Bank acting through its Corporate Asset Finance division was Mandated Lead Arranger and Facility Agent while Lombard, the dedicated asset finance arm of The Royal Bank of Scotland Group, and Barclays Bank served as Original Lenders for the credit facility.
"We are delighted to have closed this innovative, single lessee transaction with Lloyds, Barclays and Lombard,” said Richard Santulli, Milestone’s Chairman and CEO. "We structured this transaction with Bristow and worked together to bring it to completion. The proceeds will allow us to continue to support Bristow and grow this important relationship while diversifying our sources of capital.”
Milestone’s capital strategy is focused on developing diverse sources of funding to conservatively grow its business and best meet the needs of the helicopter community. The company has over $500 million in equity capital and has raised $1.8 billion in debt commitments from leading banks in North America, Europe and Asia as well as insurance companies and the US capital markets.
Note to the Editor:
ABOUT MILESTONE AVIATION GROUP
Milestone Aviation Group is the world’s leading helicopter lessor. The company partners with helicopter operators globally and supports them through 100 percent operating-lease financing. Milestone provides financing for helicopters, serving a variety of industries, including offshore oil-and-gas, search-and-rescue, emergency medical services, police surveillance, mining and other utility missions. Since launching in August 2010, Milestone has acquired more than 100 aircraft valued at over $1.5 billion and closed leases with 22 operators in over 20 countries. Further information is available at www.milestoneaviation.com.
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