Bristow Group (VTOL) Upsizes Private Offering to $500M in Senior Secured Notes
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 15 2026
0mins
Should l Buy VTOL?
Source: seekingalpha
- Offering Size Increase: Bristow Group has successfully upsized its private offering to $500 million in 6.75% senior secured notes, expected to close on January 26, 2026, which will enhance the company's capital structure and provide funding for future growth.
- Redemption Plan for Old Notes: The company plans to allocate part of the offering proceeds to fully redeem its 6.875% senior secured notes due 2028 on March 1, 2026, ensuring all principal, premium, and interest payments are made, thereby discharging the 2028 Notes Indenture obligations.
- Maturity Arrangement: The newly issued notes will mature on February 1, 2033, and will be issued at par, reflecting the company's confidence in future financial stability while reducing interest burdens going forward.
- Market Reaction Expectations: The successful completion of this offering will support Bristow Group's ongoing operations in the offshore energy market, and despite facing certain market headwinds, it is still viewed as a worthwhile investment opportunity.
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Analyst Views on VTOL
Wall Street analysts forecast VTOL stock price to rise
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 44.260
Low
45.00
Averages
48.50
High
52.00
Current: 44.260
Low
45.00
Averages
48.50
High
52.00
About VTOL
Bristow Group Inc. is a provider of vertical flight solutions. The Company primarily provides aviation services to a broad base of offshore energy companies and government entities. Its aviation services include personnel transportation, search and rescue (SAR), medevac, fixed-wing transportation, unmanned systems, and ad-hoc helicopter services. Its business consists of three operating segments: Offshore Energy Services, Government Services and Other Services. Its energy customers charter its helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Its government customers primarily outsource SAR activities whereby the Company operates specialized helicopters and provides highly trained personnel. Its other services include fixed-wing transportation services through a regional airline and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Credit Facility Extension: The company has extended the maturity of its asset-based revolving credit facility to 2031 while reducing total commitments from $85 million to $70 million, optimizing liquidity management.
- Debt Repayment: A portion of the proceeds from the offering was used to repay approximately $397 million of 6.875% senior secured notes due 2028, ensuring satisfaction and discharge of the debt, thereby reducing financial risk.
- Compliance Statement: The notes were offered in compliance with Rule 144A of the Securities Act of 1933, ensuring adherence to regulations for qualified institutional buyers, while not being registered in the U.S., thus mitigating legal risks.
See More
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- Credit Facility Extension: The company has extended the maturity of its asset-based revolving credit facility to 2031 while reducing total commitments from $85 million to $70 million, enhancing liquidity.
- Debt Repayment: A portion of the proceeds from the offering was used to repay approximately $397 million of outstanding 6.875% senior secured notes due 2028, discharging the related indenture and releasing the associated liens.
- Compliance Statement: The notes were offered under Rule 144A of the Securities Act of 1933, ensuring compliance and mitigating legal risks as they were not registered in the U.S.
See More
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- Affordable Pricing Strategy: The company aims to price trips from Manhattan to JFK around $150 per seat, comparable to Uber Black, which seeks to democratize urban air travel and move away from the traditional high-end helicopter market.
- Safety Certification Process: Valo will undergo rigorous certification by European aviation authorities, with a targeted operational launch in 2028, as Vertical Aerospace aims to build public trust by demonstrating safety comparable to commercial jets like the Boeing 737.
- Strategic Partnerships: Vertical is collaborating with Bristow Group and Skyports Infrastructure to establish an electric air travel network connecting New York City to major airports, enhancing its competitive edge in the emerging air taxi market.
See More
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- Agreement Signed: Bristow Group has signed a binding pre-delivery payment agreement with Electra.aero, securing the first delivery slot and four additional early delivery positions for the EL9 aircraft, marking the formal conversion of their letter of intent.
- Aircraft Specifications: The EL9 is designed to carry nine passengers or up to 3,000 pounds of cargo, with the capability to take off and land in spaces as short as 150 feet, making it suitable for corporate, leisure, airline, and government mobility services.
- Future Expansion Options: The agreement includes options for Bristow to acquire up to 45 additional aircraft on the same terms, indicating the company's positive outlook on future market demand.
- Market Impact: Although the financial terms of the PDP agreement were not disclosed, Bristow plans to have all five EL9 aircraft delivered within the first year of production, which is expected to enhance its competitiveness in the aviation services market.
See More
