DUBLIN, Feb. 2, 2017 /PRNewswire/ -- Milestone
Aviation Group Limited ("Milestone"), a GE Capital Aviation
Services ("GECAS") company and the global leader in helicopter
leasing, announced today a commitment letter with Bristow Group
Inc. ("Bristow"), a leading provider of global industrial aviation
services. Under the agreement, Milestone is providing a
$230 million secured term loan
facility to a subsidiary of Bristow, secured by a pool of Bristow's
helicopter assets. As part of the agreement, Bristow will extend
select Sikorsky S-92 leases with Milestone, and Milestone will also
defer lease rentals on select Airbus H225 assets on lease to
Bristow.
"Bristow is a world leader in industrial aviation and our
long-time partner, and this funding agreement symbolizes GE and
Milestone's confidence in the Bristow strategy and management
team," said Milestone President and Chief Executive Officer
Daniel Rosenthal. "We take great
pride in our ability to create innovative solutions to best serve
the operators we work with, and as part of GE, we are very pleased
that we can continue to be a key contributor of capital to
helicopter operators. We understand the challenges that exist in
the current environment, and we look forward to continuing to
ensure the long-term success of the global helicopter
industry."
"Milestone has been our primary lessor since 2012, and this
agreement is another example of the continued strength of their
commitment to Bristow Group," said Jonathan
Baliff, Bristow President and
Chief Executive Officer. "Throughout our relationship, they have
worked creatively and flexibly to structure lease solutions best
suited for our business, and with the backing of GE they now have
the capability to support our business objectives by providing us
with significant financial flexibility, as an important alternative
to traditional banking capital."
About Milestone Aviation Group
Milestone Aviation
Group, a GE Capital Aviation Services company, is the world's
leading helicopter leasing and financing company. Milestone has a
fleet of over 225 helicopters worth US $3.9
billion plus debt commitments of approximately $400 million. The company has a forward order
book of firm and option aircraft with an estimated aggregate
purchase price in excess of US $3
billion. Milestone partners with helicopter operators
worldwide, providing a wide array of financial and productivity
solutions, including operating leases, purchase/leasebacks, secured
debt financing, engine leasing and fleet advisory. The company
supports 34 customers in 26 countries serving a variety of
industries, including offshore oil and gas, search and rescue,
emergency medical services, police surveillance, mining and other
utility missions. www.milestoneaviation.com
About GE Capital Aviation Services (GECAS)
GE Capital
Aviation Services (GECAS) is a world leader in aviation leasing and
financing. With 50 years of experience, GECAS offers a wide
range of aircraft types including narrowbodies, widebodies,
regional jets, turboprops, freighters and helicopters, plus
multiple financing products and services including operating
leases, purchase/leasebacks, secured debt financing, capital
markets, engine leasing, airframe parts management and
airport/airline consulting. GECAS owns or services a fleet of
over 1,950 aircraft (~1,700 fixed wing/ ~250 rotary wing) in
operation or on order, plus provides loans collateralized on an
additional ~400 aircraft. GECAS serves ~270 customers in over 75
countries from a network of 25 offices. www.gecas.com
GE (NYSE: GE) is the world's Digital Industrial Company,
transforming industry with software-defined machines and solutions
that are connected, responsive and predictive. GE is organized
around a global exchange of knowledge, the "GE Store," through
which each business shares and accesses the same technology,
markets, structure and intellect. Each invention further fuels
innovation and application across our industrial sectors. With
people, services, technology and scale, GE delivers better outcomes
for customers by speaking the language of industry. www.ge.com
Media Contact for Milestone:
Nathan Riggs
Kekst and Company
+1-212-521-4804
nathan.riggs@kekst.com
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SOURCE Milestone Aviation Group