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Bombardier reports early results in tender offer for 7½% senior notes
By Mary-Katherine Stinson
Lexington, Ky., Jan. 31 – Bombardier Inc. reported the early results in its tender offer to purchase for cash its $1,139,000,000 outstanding 7½% senior notes due 2025 (Cusips: 097751BM2, C10602BA4), according to a press release.
As of the early tender date of 5 p.m. ET on Jan. 30, which was also the withdrawal deadline, $258,435,000 aggregate principal amount of the notes, or 22.69%, was validly tendered.
As previously reported, the company is offering to pay a total consideration of $1,002.50 per $1,000 note, inclusive of a $30 early tender payment that will be paid to holders who tendered their notes by the early deadline. After the early deadline, noteholders will be paid $972.50 per note. Interest will also be paid.
Tenders may be prorated if the maximum acceptance amount of $354 million is exceeded. The offer was originally capped at $104 million when the offer was launched on Jan. 17.
The offer will expire at 11:59 p.m. ET on Feb. 13.
Early settlement is planned for Feb. 1, and a final settlement date is expected to be Feb. 15.
The tender offer was conditioned on the company selling new notes to fund the offer, a condition which has now been met.
As reported Jan. 17, Bombardier sold an upsized $750 million of 7½% six-year senior notes at par. The issue was upsized from an originally planned $500 million, according to market sources.
Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are the dealer managers.
Global Bondholders Services Corp. is the information and tender agent (855 654-2014, contact@gbsc-usa.com, https://www.gbsc-usa.com/bombardier).
Bombardier is a Valcourt, Quebec-based aerospace and transportation company.
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