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Wednesday, May 28, 2014

Waypoint Secures Goldman Sachs Term Loan

By Andrew Parker, Editor-in-Chief

Limerick, Ireland-based Waypoint Leasing has closed on a five-year term loan facility with a Goldman Sachs-led group. The helicopter lessor will use the funding to refinance six existing helicopters under Waypoint’s $385 million revolving credit facility, consisting of AgustaWestland AW139 and Sikorsky S-76C++ and S-92 variants. The $72.5-million term loan “allows us to recycle our revolving credit facility,” explained Waypoint CEO Ed Washecka during an interview with Rotor & Wing. “With the term loan, we pay the revolver back down, so we have the capacity now within the revolver to do more deals.” He added that the Goldman Sachs term loan “puts us in a great position for future financings.”

Currently, Waypoint’s fleet mix of 37 helicopters is made up of about 80 percent oil and gas operators. “We want to be diversified. We put a lot of effort in trying to build EMS, search and rescue, firefighting and parapublic segments into our portfolio,” Washecka said, adding that the company is “doing better than we thought in that regard” at this stage of its development. “As we grow the business, especially as we add the heavies and the new medium aircraft, they do tend to be oil and gas, so that’s where the bulk of our exposure is, and it’s likely to stay there, at least in the short term.”

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