Bombardier Announces Closing of Senior Secured Credit Center
MONTREAL, Aug. 19, 2020 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) announced today it has successfully closed the formerly announced three-year $1.0 billion senior secured term loan center (the “Facility”) with HPS Investment Partners, LLC, acting as administrative agent, security representative and also the lead loan provider for an organization that included investment funds and reports handled by HPS Investment Partners, LLC and Apollo Capital Management, L.P., or their particular affiliates, and Unique possibilities and Direct Lending funds managed by Ares Management LLC.
The center need an utilization that is minimum of750 million and a term of 36 months.
Bombardier could have the proper to voluntarily prepay the outstanding quantity of the center. In addition, the conclusion of this purchase of Bombardier Transportation will demand Bombardier to create an offer to settle 50% regarding the principal that is then outstanding associated with center.
Drawings beneath the center will keep interest at an agreed margin on the ABR (Alternate Base price) and LIBOR (London Inter-bank Offered speed) guide prices and will also be secured by way of a safety fascination with particular aviation stock and accounts that are related. There are not any covenants that are financial the center.
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