Bombardier (TSX: BBD.B) has announced the close of a three-year USD 1bn senior secured term loan facility with HPS Investment Partners, LLC, the company said.
HPS is acting as administrative agent, collateral agent and the lead lender for a group that included investment funds and accounts managed by HPS Investment Partners, LLC and Apollo Capital Management, L.P., or their respective affiliates, and Special Opportunities and Direct Lending funds managed by Ares Management LLC.
The Facility will have a minimum utilization of USD 750 million and a term of three years. Bombardier will have the right to voluntarily prepay the outstanding amount of the Facility. In addition, the completion of the sale of Bombardier Transportation will require Bombardier to make an offer to repay 50% of the then outstanding principal amount of the Facility.
Bombardier operates in the transportation industry, creating planes and trains. Headquartered in Montréal, Canada, Bombardier has production and engineering sites in over 25 countries across the segments of Aviation and Transportation.