Quarterly report pursuant to Section 13 or 15(d)

DEBT

v3.22.2
DEBT
 3 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
Debt as of June 30, 2022 and March 31, 2022, consisted of the following (in thousands):
June 30, March 31,
2022 2022
6.875% Senior Notes
 $ 392,047  $ 391,690 
Lombard Debt 122,324  133,978 
Total debt 514,371  525,668 
Less short-term borrowings and current maturities of long-term debt (11,768) (12,759)
Total long-term debt $ 502,603  $ 512,909 
6.875% Senior Notes — In February 2021, the Company issued $400.0 million aggregate principal amount of its 6.875% senior secured notes due March 2028 (the “6.875% Senior Notes”) and received net proceeds of $395.0 million. The 6.875% Senior Notes are fully and unconditionally guaranteed as to payment by a number of subsidiaries. Interest on the 6.875% Senior Notes is payable semi-annually in arrears on March 1st and September 1st of each year. The 6.875% Senior Notes may be redeemed at any time and from time to time, with sufficient notice and at the applicable redemption prices set forth in the indenture governing the 6.875% Senior Notes, plus accrued and unpaid interest leading up to the redemption date. The indenture governing the 6.875% Senior Notes contains covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem the Company’s capital stock, prepay, redeem or repurchase certain debt, make loans and investments, sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting its subsidiaries’ ability to pay dividends, and consolidate, merge or sell all or substantially all of its assets. In addition, upon a specified change of control trigger event, the Company must make an offer to repurchase all or part of each noteholder’s notes at an offer price of 101% of the aggregate principal amount, plus accrued and unpaid interest. As of June 30, 2022 and March 31, 2022, the Company had $8.0 million and $8.3 million of unamortized debt issuance costs associated with the 6.875% Senior Notes.
Lombard Debt — During the three months ended June 30, 2022 and 2021, the Company made $2.9 million and $3.3 million, respectively, in principal payments on the Lombard debt.
ABL Facility — The Company’s asset-backed revolving credit facility (the “ABL Facility”) matures in May 2027, subject to certain early maturity triggers related to maturity of other material debt or a change of control of the Company. Amounts borrowed under the ABL Facility (i) are secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited, and (ii) are fully and unconditionally guaranteed as to payment by the Company, as a parent guarantor, and each of Bristow Norway AS, Bristow Helicopters Limited, Bristow U.S. LLC and Era Helicopters, LLC. As of June 30, 2022, the ABL Facility provided for commitments in an aggregate amount of $85.0 million with the ability to increase the total commitments up to a maximum aggregate amount of $120.0 million, subject to the terms and conditions therein.
As of June 30, 2022, there were no outstanding borrowings under the ABL Facility nor had the Company made any draws during the three months ended June 30, 2022. Letters of credit issued under the ABL Facility in the aggregate face amount of $20.5 million were outstanding on June 30, 2022.