Bombardier closes $600m facility to support operations

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Bombardier has closed a $600 million letter of credit facility agreement with a syndicate of financial institutions to support its operations as well as the "general needs" of the corporation.

National Bank Financial, RBC Capital Markets and UBS Securities jointly arranged the facility as mandated lead arrangers and joint bookrunners.

The facility, which was oversubscribed, replaces a facility that was to expire in December of this year.

Bombardier says it has successfully attained its objectives of securing availability for the issuance of letters of credit until December 2011.

"Bombardier is pleased with this solid demonstration of bank support for its business plan, especially in this difficult economic environment," adds Bombardier senior vice-president and CFO Pierre Alary.