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$67m for CHC Helicopter

BZ structures $67m global RCF to support CHC Helicopter’s soaring demand.

BZ, the specialist asset-based lender, has completed a flexible $67 million working capital facility for CHC, a leading global operator in helicopter services. The multi-jurisdictional facility has been structured against assets in the UK, Ireland, Netherlands, Norway, Australia, Brazil and the Cayman Islands.

This substantial funding line from BZ will drive CHC's expansion to meet increasing market demand for offshore transportation, search and rescue, and emergency medical services. To complete the transaction, BZ structured a blend of revolving facilities secured against CHC's valuable aircraft and receivables assets.

Established in 1947, CHC is a global leader in helicopter services, headquartered in Texas. Its fleet of 89 helicopters plays a vital role in Europe, Australia, and Latin America, facilitating the transportation of personnel to offshore energy sites.

CHC's Heli-One division provides maintenance services to both corporate and government clients. Today, with BZ’s new funding line in place, CHC is positioned strategically to further explore and expand into the renewable energy market, having secured the prestigious Dogger Bank contract.

Commenting on the transaction, Ben Milner, Regional Director, BZ stated:“We are thrilled to support CHC’s management team in establishing this bespoke funding facility. This transaction exemplifies BZ's expertise in crafting intricate cross-border solutions across various asset classes. The facility underpins our commitment to fuel CHC's growth strategy and will enable the business to capitalise on favourable market dynamics.”

Robert Wakeford, Managing Director, BZ, added:

“It has been great to collaborate with AlixPartners to orchestrate this facility for CHC, a long-established leader in the global helicopter services market. We take immense pride in being entrusted to deliver this complex ABL facility to drive the business’s strategic expansion.”

Robert Albergotti, CFO at CHC, commented:

BZ’s flexibility and creativity in structuring this financing facility has further strengthened CHC’s balance sheet allowing us to continue to grow and expand into new services and markets.”

Nick Wood, Partner & Managing Director at AlixPartners, said:

“We are delighted to have advised CHC in securing additional liquidity that will enable it to take advantage of the numerous opportunities in the market and accelerate its growth. This was a complex, multi-jurisdictional transaction with numerous moving parts, BZ’s flexible and collaborative approach was integral in arriving at a solution that works for both parties. Congratulations to the CHC and BZ teams on delivering a great transaction.”

CHC was advised by AlixPartners. Valuations were conducted by Hilco, Ascend and IBA, with additional diligence provided by EY. Legals were provided by Norton Rose Fullbright (BZ) and Freshfields (CHC).