Bombardier tender offer is oversubscribed at early deadline

Chicago, June 28 – Bombardier Inc. announced the early results of its tender offer to purchase notes from three series for a total purchase price of up to $350 million in a Tuesday press release.

The company will buy the following tendered notes:

• All $77,656,000 tendered from the subcap of up to $100 million of its $2 billion outstanding 7 7/8% senior notes due 2027 (Cusips: 097751BT7, C10602BG1) for a tender offer consideration of $825 per $1,000 principal amount of notes;

• All $290,041,000 tendered of its $800 million outstanding 7½% senior notes due 2024 (Cusips: 097751BR1, C10602BF3) for a tender offer consideration of $930 per $1,000 principal amount of notes; and

• $5,434,000 of the $481,121,000 tendered of its $1.3 billion outstanding 7½% senior notes due 2025 (Cusip: 097751BM2, C1602BA4) for a tender offer consideration of $920 per $1,000 principal amount of notes, with a proration factor of 1.16959% applied.

Noteholders who tendered their notes by the early deadline are receiving an additional $30 per note.

The early deadline was 5 p.m. ET on June 27.

Early settlement will be June 29.

Technically, the offer would have ended at 11:59 p.m. ET on July 12.

However, no more tenders will be accepted for purchase.

“As of the early settlement date, Bombardier will have repaid over $750 million of debt, resulting in almost $60 million of incremental interest savings on a per annum basis since the start of 2022. This puts our progress to date ahead of where we thought we would be after 18 months as a standalone business jet company,” said Bart Demosky, executive vice president and chief financial officer at Bombardier, in a statement.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are dealer managers for the offer. Global Bondholder Services Corp. (866 807-2200; contact@gbsc-usa.com, www.gbsc-usa.com/bombardier) is acting as the information and tender agent.

Bombardier is a Valcourt, Quebec-based aerospace and transportation company.

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