Estimated reading time 6 minutes, 5 seconds.
D.A. Davidson, a nationally recognized team of capital market professionals, has successfully priced and closed $160 million of industrial development revenue and revenue refunding bonds for Bridger Aerospace, a Montana-based leading aviation service provider. The deal represents one of the largest taxable non-rated municipal ESG bonds in the nation.
“Achieving a financing of this type and scale with a partner like Bridger Aerospace is a historic milestone for D.A. Davidson. We are proud that our unique ability to accomplish a taxable, non-rated municipal offering will contribute to the greater good of our climate and assist in Bridger’s heroic efforts to combat wildfires that plague our natural spaces and communities,” said Kyle Thomas, managing director at D.A. Davidson.
The bond proceeds will assist Bridger Aerospace with the financing of two airplane hangars to be located at Gallatin Field in Belgrade, Montana, and the acquisition of four new SuperScooper firefighting aircraft.
“Bridger Aerospace operates the largest and most sophisticated fleet of firefighting aircraft, and as it redefines its technology to meet the emerging challenges of wildland aerial firefighting, we are grateful for the opportunity to provide the financial solutions needed to support continued growth strategy,” continued Thomas.
Founded in 2014 and led by current Chief Executive Officer and former Navy SEAL Tim Sheehy, Bridger is a mission-driven company focused on addressing the year-round threat of economic and environmental damage caused by wildfires. Through its effective, modern and purposefully designed fleet of aircraft and FireTRAC, its innovative, proprietary data gathering, aerial surveillance and reporting platform, Bridger provides its federal agency and state government client base with a comprehensive range of aerial firefighting solutions.
Amid record-breaking, year-round wildfire seasons and a changing climate, Bridger meets an underserved and growing need for next-generation and full-service aerial firefighting platforms by leveraging sustainable and environmentally safe firefighting methods. By sourcing water near fires, the company minimizes harm to the local water system and reduces flight time between scoops and drops through its advanced capabilities and technologies. Bridger outfits aircraft for mapping, data, analytics, and connectivity capabilities to provide intelligence for confident decision-making.
“We are entering a new era of combating wildfire danger, and our financial needs are unique as we continue to expand our capabilities to tackle the critical needs of communities we serve. Teaming up with a like-minded partner like D.A. Davidson that not only shares our fundamental business principles of environmental and social sustainability, but provides the financing solutions we require, will position us well to effectively combat today’s changing climate,” said Tim Sheehy, CEO, founder and director of Bridger Aerospace.
According to S&P Global Ratings baseline projections, municipal bonds holding an environmental, social or governance designation are expected to hit $62 billion in 2022, amassing a larger share of the U.S. municipal market. Based on Bridger’s plans to accelerate its expansion and growth in its mission to utilize aircraft and technology to save lives, property and habitat threatened by wildfire, Bridger was an ideal partner for D.A. Davidson & Co. as the firm looks to expand its presence in the growing municipal ESG marketplace.
This press release was prepared and distributed by D.A. Davidson
