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Bombardier tenders for its floating-rate notes, 8% notes in two offers
By Susanna Moon
Chicago, Oct. 21 - Bombardier Inc. said it began two separate cash tender offers to purchase its €482,483,000 floating-rate senior notes due 2013 and $385 million 8% senior notes due 2014.
For each €1,000 or $1,000 principal amount, holders will receive €1,001.25 for the floaters and $1,042.50 for the 8% notes tendered by 12:01 a.m. ET on Nov. 4, the early participation date. The total amount includes a premium of €1.25 for the floaters and $2.50 for the 8% notes.
The offers will expire at 12:01 a.m. ET on Nov. 19.
Tendered notes may be withdrawn at any time before the early participation deadline.
The company said it is tendering for the notes to take advantage of favorable conditions in the debt capital markets and to extend Bombardier's debt maturity profile.
Neither offer is conditioned on any minimum amount of notes being tendered.
Bombardier's obligation to purchase the notes, however, requires the completion of a financing with proceeds of at least $1 billion.
The company said it expects to fund the offers with a new series of euro-denominated senior notes totaling $1 billion with maturities of up to 2021.
Deutsche Bank AG, London Branch (+44 20 7545 8011) and Deutsche Bank Securities Inc. are the dealer managers.
For questions about the tender of floaters, contact Lucid Issuer Services Ltd. at +44 20 7704 0880 or at bombardier@lucid-is.com. For information about the offer for the 8% notes, call Deutsche Bank Securities at 866 627-0391 or collect 212 250-2955.
Bombardier is a Montreal-based manufacturer of air and rail transportation equipment, systems and services.
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