Bridger Aerospace has secured a new senior secured facility of up to $331.5 million (CAD$461 million) led by Bain Capital’s private credit arm, aligning financing with fleet growth plans. The company disclosed the package on October 29, 2025 and said it will refinance its $160 million (CAD$222 million) Gallatin County municipal bond. A separate announcement confirmed the sale-leaseback of its Bozeman airport campus for approximately $49 million (CAD$68 million), executed on October 28, 2025. The combined actions consolidate debt and create capacity for aircraft acquisitions timed to contract awards. This is a scale play.
Debt Package Enables Fleet Growth
The financing comprises a $21.5 million revolver (CAD$30 million) and a $210 million term loan (CAD$292 million). It also includes a $100 million delayed draw for fleet expansion (CAD$139 million), which the company positions as demand-led. Management says the credit will refinance existing liabilities, add liquidity, and fund aircraft tied to contract expansion under a structured draw schedule described in the new facility announcement. “This financing marks a turning point for Bridger,” said Sam Davis. Covenants and pricing were not disclosed, so leverage and draw conditions bear watching at closing and as deployments accelerate.
Sale-Leaseback Bolsters Liquidity And Flexibility
Liquidity also improves through the headquarters sale-leaseback, a roughly $49 million transaction (CAD$68 million) with SR Aviation Infrastructure that preserves operational control under a ten-year lease. The closing on October 28, 2025 is confirmed in the company’s SEC filing.
Bridger frames the real estate monetization as a way to prioritise fleet growth while maintaining its base at Bozeman Yellowstone International Airport. Together with the new credit facility, the move replaces the $160 million bond (CAD$222 million) and simplifies the liability stack. Execution risk remains in aircraft acquisition timing, but a delayed draw mitigates idle balance sheet drag.
Contracted Demand Shapes Financing
Bridger’s revenue model leans on multi-year contracts with federal, state, and defence customers, positioning cash flows to outlast any single wildfire season. The company reported record 2024 results and initiated 2025 guidance that emphasises year‑round operations.
“We are proud to support Bridger’s next phase of growth,” said David Healey of Bain Capital.
For procurement agencies, the financing roadmap signals expanding availability of scooper and multi‑mission aircraft that can be contracted as mutual aid or surge capacity. Monitoring loan terms, draw pace, and fleet delivery schedules will indicate whether the capital translates into dependable capacity for governments and insurers.