Bristow Group Inc. Current report filing

Current report filing

DEBT (Tables)

DEBT (Tables)

12 Months Ended

Mar. 31, 2020

Debt consisted of the following (in thousands):

	Successor			Predecessor
	March 31, 2020			March 31, 2019
8.75% Senior Secured Notes ⁽¹⁾	$	—		$	347,400
4½% Convertible Senior Notes ⁽¹⁾		—			112,944
6¼% Senior Notes ⁽¹⁾		—			401,535
Term Loan		61,500			—
Lombard Debt ⁽²⁾		136,180			183,450
Macquarie Debt ⁽²⁾		148,165			171,028
PK Air Debt ⁽²⁾		207,326			212,041
Airnorth Debt ⁽²⁾		7,618			11,058
Humberside Debt		335			—
Other Debt		—			9,168
Unamortized debt issuance costs ⁽³⁾		—			(21,771	)
Total debt		561,124			1,426,853
Less short-term borrowings and current maturities of long-term debt		(45,739	)		(1,418,630	)
Total long-term debt	$	515,385		$	8,223

⁽¹⁾

These notes were settled in accordance with the Plan. See Note 2 for further details.

⁽²⁾

In connection with the Company’s emergence from bankruptcy and the application of ASC 852, the Company adjusted debt to its aggregate respective fair value at the Effective Date by a reduction of $57.7 million. The adjustments as of December 31, 2019 were as follows: $30.0 million for the Lombard Debt, $11.7 million for the Macquarie Debt, $13.3 million for the PK Air Debt and $0.7 million for the Airnorth Debt.

⁽³⁾

All unamortized debt issuance costs were written off as of October 31, 2019 (Predecessor).

Schedule of Convertible Debt

The balance of the debt and equity components of the Company’s 4½% Convertible Senior Notes prior to the settlement of the 4½% Convertible Senior Notes in accordance with the Plan were as follows (in thousands):

	March 31, 2019

Equity component - net carrying value ⁽¹⁾	$	36,778
Debt component:
Face amount due at maturity	$	143,750
Unamortized discount		(30,806	)
Debt component - net carrying value	$	112,944

⁽¹⁾ Net of equity issuance costs of $1.0 million.

Prior to May 11, 2019, the remaining debt discount was amortized to interest expense over the term of the 4½% Convertible Senior Notes using the effective interest rate. The effective interest rate for April 1, 2019 to May 11, 2019 (Predecessor) was 11.0%. Interest expense related to the 4½% Convertible Senior Notes was as follows (in thousands):

	Successor		Predecessor
	Five Months Ended March 31, 2020		Seven Months Ended October 31, 2019
					Fiscal Year Ended March 31,
					2019		2018
Contractual coupon interest	$	—	$	715	$	6,475	$	1,851
Amortization of debt discount		—		648		5,547		1,454
Total interest expense	$	—	$	1,363	$	12,022	$	3,305

Schedule of Maturities of Long-term Debt

	Successor
Fiscal year ending March 31
2021	$	45,739
2022		47,206
2023		240,693
2024		153,294
2025		124,852
	$	611,784