Bristow Group announced that as part of its previously-filed Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas , it has entered into an amended and restated restructuring support agreement.
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This broad and consensual financing package will help to de-lever the Company's balance sheet and fund its global operations and continued investments in safety and reliability through the reorganization process and beyond.
The terms of the Amended RSA among Bristow, a group of holders representing approximately 89.84% of Bristow's 8.75% Senior Secured Notes due 2023 and a group of holders representing approximately 54.54% of Bristow's 6.25% Senior Notes due 2022 and 4.50% Convertible Senior Notes due 2023 combined are contained in an exhibit to the Amended RSA.
As previously announced, prior to Bristow's Chapter 11 filing, certain holders of the Secured Notes provided a commitment for a $75 million debtor-in-possession ("DIP") facility that would be available upon Court approval.
On June 26, 2019, the Company entered into a new commitment letter, pursuant to which certain holders of the Secured Notes and the Unsecured Notes agreed to provide the Company with a superpriority senior secured DIP term loan facility in an aggregate principal amount of $150 million, with 50% funded by such holders of the Secured Notes and 50% funded by such holders of the Unsecured Notes.
The commitment for the Original DIP Facility shall remain outstanding, pending Court approval of the New DIP Facility Commitment.
Claims under the New DIP Facility will be satisfied and discharged in full in exchange for Reorganized Equity.
Approximately $75 million of the New DIP Facility will be used to pay down amounts outstanding under the Secured Notes and the remainder will be used for general corporate purposes.
This financing package provides Bristow with capital that enables the Company to fund its global operations and make continued investments in safety and reliability during the Chapter 11 reorganization proceedings. ■