Bridger Aerospace Group Holdings, Inc. (Bridger) has revealed it has achieved a financial milestone with a new senior secured facility of up to $331.5 million led by Bain Capital’s Private Credit Group (Bain Capital).
In addition, in a separate announcement, the Bridger said it finalized its previously announced sale-leaseback of its Bozeman Yellowstone International Airport campus facilities.
These transactions refinance Bridger’s $160 million municipal bond with Gallatin County, consolidate its existing debt and provide significant capacity and financial flexibility through a delayed draw facility designed to fund future fleet expansion.
Sam Davis, Bridger’s CEO explained: “This financing marks a turning point for Bridger.
“Our strong quarterly results and our expectations for a second record year have made it possible for us to refinance our existing debt and enter into a new expanded debt facility with increased capacity.
“We believe this new facility significantly enhances our ability to grow organically.
“It provides financial flexibility for new aircraft purchases to support contract expansion that will drive EBITDA growth and long-term shareholder value.
“Bridger’s federal, state and defense contracts have established our revenue model on a year-round basis.
“As a result, this financing and the simultaneous sale-leaseback of our campus demonstrates Bridger’s focus on financial resilience to address the evolution of our business.”
The $331.5M Senior Secured Credit Facility consists of a $21.5M Revolving Credit Facility, $210M Senior Secured Term Loan and a $100M Fleet Expansion Facility.
Davis added. “As we expand our contracts and optimize our fleet, we are grateful for our strategic partners Bain Capital, Crestline, Power Sustainable and Foundation Credit who are helping us take decisive steps towards making our vision for Bridger Aerospace a reality.
“Bridger continues to build on its long-term vision and we believe this financing strengthens our ability to innovate and deploy the most advanced technology in our industry; yet, most importantly, this transaction equips us to continue delivering on our mission to protect lives, property, critical infrastructure and the environment.”
David Healey, a Managing Director at Bain Capital shared: “We are proud to support Bridger’s next phase of growth as they continue to lead the way in innovative wildfire solutions.
“Our investment reflects our confidence in Bridger’s long-term vision, leadership and ability to deliver value-added and mission-critical services to federal, state and local governments while helping to revolutionize how our country fights wildfire.”
Stifel, Nicolaus & Company, Incorporated served as Sole Debt Placement Agent and Financial Advisor on the transaction, and Crestline Direct Finance, L.P. (Crestline) served as Joint Lead Arranger on the transaction.
