Era Group could potentially allocate capital to help pay down debt

By Devika Patel

Knoxville, Tenn., May 8 – Era Group Inc. may use cash balances and cash flow to pay down debt.

“Era maintains a strong balance sheet and industry-leading financial flexibility,” president and chief executive officer Christopher S. Bradshaw said on the company’s first quarter ended March 31 earnings conference call on Wednesday.

“We think that the strong balance sheet we have, the cash balance and our cash flow profile present multiple opportunities for us to create value, and we’ll look at all of those potential allocation opportunities, which could involve debt paydown, whether addressing the public notes or some of the bilateral notes that we have.

“With a strong balance sheet, limited debt maturities prior to 2022, manageable fixed charge obligations and a flexible order book, Era remains well-positioned for positive cash flow generation,” Bradshaw said.

As of March 31, the company had $49.6 million in cash balances and $124.3 million of remaining availability under its senior secured revolving credit facility, for total liquidity of $173.9 million.

Era Group is a Houston-based helicopter operator.

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