Bombardier gives early tender results, tweaks offer for three series

Chicago, April 5 – Bombardier Inc. announced the early results for its tender offers for three series of notes and amended the purchase and acceptance amounts in a press release on Monday.

The company amended the offer to increase the aggregate maximum purchase amount, lifting the offer to $1,571,000,000 in aggregate purchase price from $1.1 billion.

Additionally, Bombardier decreased the tender cap for the 6 1/8% senior notes due 2023 (Cusips: 097751BF7 and C10602AW7) to $235,125,000 from $250 million. There were $1.25 billion outstanding in this series at the start of the tender offer, and the company received tenders for $332,389,000, or 26.59%, of the notes. Accordingly, tenders will be prorated. The total consideration being offered was $1,045 per $1,000 of notes.

In terms of the results on the other two series, the company received tenders for $955,552,000, or 93.91%, of the $1,017,539,000 outstanding of 8¾% senior notes due 2021 (Cusips: 097751BP5 and C10602BB2). Bombardier was offering a total consideration of $1,051.88 per $1,000 principal amount.

Tenders were received for $315,754,000 of the $500 million outstanding of 5¾% senior notes due 2022 (Cusips: 097751AY7 and C10602AR8). The company was offering a total consideration of $1,045 per $1,000 principal amount.

In each case, the total consideration included a $50 early tender premium per $1,000 principal amount that will be paid only to holders who tendered by the early deadline, 5 p.m. ET on April 2.

After the early deadline, the company will not accept any more tenders for the 2023 notes. Only a limited amount of 2021 notes or 2022 notes tendered after the early deadline will be accepted.

The offer will expire at 11:59 p.m. ET on April 16.

Early and final settlement are expected to occur two business days after the early deadline and expiration date, respectively.

BofA Securities, Inc. (980 388-3646 or debt_advisory@bofa.com) and Morgan Stanley & Co. LLC (212 761-1057 or 800 624-1808) are the dealer managers.

Global Bondholder Services Corp. (866 807-2200 or contact@gbsc-usa.com) is the information and tender agent.

The issuer is a Montreal-based aerospace and transportation services company.

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