Siena Lending Group LLC Closes $50 Million Credit Facility for MD Helicopters, LLC

Siena Lending Group LLC ("Siena") today announced the completion of a $50 million asset-based revolving line of credit to MD Helicopters, LLC (“MDH”), a manufacturer of high-performance rotorcraft solutions that support operators flying military, commercial, law enforcement, utility, and VIP mission profiles. The proceeds from the facility will be leveraged to partially repay a debtor-in-possession credit facility and for future working capital needs.

Originally founded in 1932 by Howard Hughes and formerly known as Hughes Helicopter, MD was acquired by McDonnell Douglas in 1984, and subsequently by Boeing in 1997 through the merger of McDonnell Douglas and Boeing. Today, MDH is owned by an investment consortium led by MBIA Insurance Corp., Bardin Hill Investment Partners, and MB Global Partners, and led by aerospace industry veteran, Brad Pedersen, who serves as Chief Executive Officer. The MD family of rotorcraft is world renowned for its value, versatility, and performance. Commercial offerings include the MD 500E, MD 530F, MD 520N, MD 600N, and twin-engine MD 902 Explorer.

Pedersen said, “As we execute on our business objectives, this capital will ensure we can remain laser-focused on improving customer support worldwide, deepening supplier relationships, and implementing an aggressive aircraft sales plan. We are pleased to partner with Siena Lending Group, an innovative financing specialist, that recognized MDH’s strong future potential under new ownership and a reinvigorated management team.”

Scott Elliotto, Senior Managing Director at Siena said, “MDH has a strong brand recognition backed by a storied history.  We are excited to partner with the new ownership and executives to support their next phase of growth. Siena worked diligently to understand the true asset values and to meet the expectations of the management team and ownership. We collaborated with Seabury, leveraging off their deep industry knowledge and experience which was instrumental to the success of this financing.  This transaction continues to demonstrate Siena’s creativity and scope of our lending capabilities.

Oliver Althoff, Managing Director of Seabury Securities said, “We are grateful to have been able to arrange this important growth capital facility by Siena for our client MDH. Siena proved to be a practical and efficient lending partner by executing on terms that were consistent with their initial financing proposal.”

Seabury Securities LLC (“Seabury”) served as the investment banker and advisor to MDH. Seabury Securities is the industry’s leading practice delivering global investment banking and restructuring capabilities focused on Aviation, Aerospace & Defense.

About Siena Lending Group:

Siena Lending Group is a leading asset-focused lender providing financing solutions from $10 to $100 million across the United States and Canada. We operate across most industry sectors and provide senior secured solutions to privately held middle-market companies and publicly traded industry leaders.  Siena has also earned a reputation as a trusted financing partner to private equity firms and other financial sponsors. Since 2012, Siena has consistently found creative ways to provide borrowers with maximum flexibility and liquidity. With deep lending experience and expertise in complex situations, clients know Siena brings the patience and perspective to help them work through challenges and achieve their long-term visions.

Siena Healthcare Finance, a specialized division of Siena, is dedicated exclusively to providing financing within the healthcare sector. Siena is a portfolio company of Franklin BSP Lending Corporation, an affiliate of Benefit Street Partners L.L.C. ("BSP"). BSP, a leading credit-focused alternative asset management firm, is a wholly-owned subsidiary of Franklin Resources, Inc.

About MD Helicopters:

MD Helicopters, LLC (MDH) manufactures high-performance rotorcraft solutions that support operators flying military, commercial, law enforcement, utility, and VIP mission profiles. With thousands of aircraft in service worldwide, MDH has been designing and building aircraft known for their safety, versatility, responsiveness, speed, and reliability since 1947. Our commitment to product sustainment and customer success allows MDH to deliver aircraft unmatched in their performance and reliability. MD Helicopters, LLC is owned by an investment consortium comprised of MBIA Insurance, Bardin Hill Investment Partners LP, and MB Global Partners. To learn more about MD Helicopters, visit us at mdhelicopters.com, or follow us on Facebook, Twitter, Instagram, and LinkedIn.