Siena Lending Group LLC (“Siena”) today announced the completion of a $15 million credit facility for Rotorcraft Leasing Company, LLC (“Rotorcraft”) to refinance their existing senior debt and to support their working capital needs. Rotorcraft is an investment of Bain Capital Credit, formerly known as Sankaty Advisors.
Headquartered in Broussard, Louisiana, Rotorcraft provides helicopter transportation of personnel, parts and equipment to and from offshore platforms and rigs for customers primarily engaged in oil and gas production in the shallow waters of the Gulf of Mexico. Rotorcraft is one of the largest providers of the small helicopter transportation services to oil and gas producers in the Gulf of Mexico operating 49 small and mid-sized helicopters.
David Grende, President and CEO of Siena Lending Group, said, “We are pleased to provide a flexible asset-based facility to Rotorcraft that will help them get through the current challenging landscape in the oil and gas industry. The management team of Rotorcraft and Bain have done a tremendous job given the softness in the industry."
Brett L’Esperance, an executive vice president of Bain Capital Credit, added, “We are pleased to partner with Siena Lending Group as our financial lender. The Siena team was quite flexible on the structure of the transaction and dedicated the time needed to thoroughly understand our business. They were a pleasure to work with and completed the transaction in a timely manner."