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Bombardier has announced conditional notices of partial redemption for its 7.125% Senior Notes due 2026 and its 7.875% Senior Notes due 2027. The company plans to redeem US$338 million of the 2026 Notes and US$450 million of the 2027 Notes on June 20, 2024. The redemption price for the 2026 Notes is 101.781% of the principal amount, and for the 2027 Notes, it is 100.00% of the principal amount, both plus accrued and unpaid interest.
This partial redemption is contingent upon Bombardier successfully completing a new debt offering of at least US$750 million by the redemption date. The redemption will be processed through the Depository Trust Company. This announcement does not constitute an offer to sell or buy the securities in any jurisdiction where such an offer would be unlawful.
Bombardier has priced a new issuance of US$750 million Senior Notes due June 1, 2032, with an annual coupon rate of 7.000%. The issuance, expected to close by June 5, 2024, aims to repay and retire outstanding debt, including US$338 million of 7.125% Senior Notes due 2026 and US$450 million of 7.875% Senior Notes due 2027. Current outstanding principal amounts are US$504 million for the 2026 Notes and US$1,433 million for the 2027 Notes. The completion of these transactions is contingent upon market conditions. Proceeds will also cover accrued interest and related fees. The new notes are available to qualified institutional buyers in the U.S. and accredited investors in Canada.
Bombardier has announced a new issuance of US$500 million Senior Notes due 2032. The proceeds will be used to repay and retire outstanding debts, including the redemption of US$240 million 7.125% Senior Notes due 2026 and US$300 million 7.875% Senior Notes due 2027. The offering is subject to market conditions and there are no guarantees that it will be completed. The new Senior Notes will not be registered under the U.S. Securities Act and will be sold only to qualified institutional buyers and accredited investors.
Bombardier Defense has inaugurated a new office in Adelaide, Australia, enhancing its presence in the Asia-Pacific region. This expansion aims to better serve special mission customers in Australia, leveraging Bombardier's reputable Challenger and Global aircraft families for various mission types, including civilian, military, and hybrid. Steve Patrick, Vice President of Bombardier Defense, highlighted that the new office is part of a broader strategy to provide additional support and resources. This new Adelaide office complements the Melbourne Service Centre, which opened in September 2022, and underscores Bombardier's extensive experience and strong presence in the special mission aircraft sector, including a fleet of Medevac and Search & Rescue aircraft in Australia.
Bombardier inaugurated the new Aviator Lounge in Monaco, providing a state-of-the-art space to showcase their aircraft, innovations, and commitment to sustainability. The Lounge, designed by Andrea Mosca, is the first of its kind by a jet manufacturer, offering guests a glimpse into Bombardier's 80-year legacy. The company's strong presence in Europe is further solidified with this new space, located at the Monaco Yacht Club.
Bombardier recently announced its participation in two upcoming investor conferences in May 2024, namely the Royal Bank of Canada Capital Markets Canadian Industrials Conference in Toronto and the Bank of America Securities Transportation, Airline, & Industrials Conference in New York. The company's senior executives will be present to engage with investors and address queries. Additionally, Bombardier held its Investor Day event on May 1st, 2024, with the presentation and webcast now available on the company's Investors Web page.
Bombardier, the global aerospace and transportation company, received an upgrade in its credit rating to B1 by Moody's, reflecting the company's solid performance and turnaround efforts. The upgrade signifies a stable outlook and highlights Bombardier's commitment to improving key financial metrics. The company's focus on diversifying revenue streams, enhancing margins, and generating cash flow through growth in Services and Bombardier Defense sectors is seen as a positive move.
Bombardier revealed that NetJets placed a firm order for 12 Challenger 3500 aircraft valued at $326.4 million, potentially rising to over $6 billion if all options are exercised. This underlines the strong relationship between the companies and the appeal of the Challenger 3500 in the super midsize category. Delivery of the jets is set to start in the second half of 2025.
Bombardier confirms that its 2025 objectives are on track and plans to detail growth strategies through 2030 during Investor Day 2024. The company highlights a strong performance, focusing on revenue growth, adjusted EBITDA, and diversified revenue streams. Bombardier's leadership aims to create shareholder value by focusing on resilience, growth, and strategic capital deployment.
