Bristow Group Inc. closed a private offering of $500 million in 6.750% senior secured notes due 2033 on January 26 2026, providing the company with a longer‑dated debt instrument and a lower interest rate than its existing 6.875% notes due 2028.
The proceeds were used to retire approximately $397 million of the 2028 notes, reducing Bristow’s long‑term debt load and improving its balance‑sheet strength. The company also amended its asset‑based revolving credit facility, extending the maturity to 2031, lowering the committed amount to $70 million, and preserving an option to increase commitments to $105 million. The amendment includes a 25‑basis‑point reduction in the applicable margin and eliminates a 0.10% credit‑spread adjustment on the first‑out tranche, lowering the cost of working‑capital borrowing.
Brisk refinancing was driven by favorable market conditions and the desire to push out a significant maturity. By replacing higher‑rate notes with a lower‑rate instrument, Bristow will save roughly $625,000 in annual interest expense (0.125% of $500 million). The extended maturity profile also reduces near‑term refinancing risk, while the improved ABL pricing gives the company more flexible working‑capital access for capital expenditures and potential acquisitions.
CEO Chris Bradshaw said the transaction “strengthens Bristow’s financial position and provides greater strategic and operational flexibility.” He added that the extended maturity profile and strong liquidity position will support the company’s global operations in the capital‑intensive offshore energy sector.
The refinancing signals confidence from lenders and investors in Bristow’s credit profile. The longer‑dated debt and lower borrowing costs position the company to pursue growth initiatives while maintaining a solid balance sheet in a cyclical industry.
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