Welcome to our dedicated page for Bombardier B news (Ticker: BDRBF), a resource for investors and traders seeking the latest updates and insights on Bombardier B stock.
Bombardier Inc. reports developments tied to its business-jet portfolio, aircraft services, financial performance, capital structure and shareholder governance. Company news commonly covers the Global and Challenger families, including the Global 8000, Global 6500 and Challenger 3500, as well as aircraft displays, customer outreach and product-positioning updates in key business aviation markets.
Bombardier also issues updates on operating results, backlog, services activity, free cash flow guidance, debt redemptions, senior note financing and annual shareholder voting matters. Its disclosures describe a manufacturer and service provider that designs, builds, modifies and maintains aircraft for private, corporate, government and military customers, with production and completion facilities in North America and a global service network.
Bombardier is set to release its Q2 2022 financial results on August 4, 2022. A conference call will follow at 8:00 a.m. EDT, allowing investors and analysts to discuss the results. Stakeholders can join via dial-in numbers or through a live webcast available on the company's investor relations page. A media Q&A session will occur at 10:00 a.m. EDT the same day, featuring CEO Éric Martel. Bombardier continues to be a leader in aviation, with a focus on business jets and a global customer support network.
Bombardier announced that its Series 3 Preferred Shares will offer an annual dividend rate of 4.588% for the next five years starting August 1, 2022. The dividend is based on a fixed rate derived from a Government of Canada bond yield. Shareholders wishing to convert their Series 2 or Series 3 Preferred Shares must submit their requests by 5:00 p.m. on July 18, 2022. The announcement reinforces Bombardier's commitment to shareholder returns amid continued operations in the business jet sector.
Bombardier has opened its newly transformed Singapore Service Centre, now the largest OEM business aviation maintenance facility in Asia Pacific, expanding its footprint from 70,000 sq. ft. to approximately 290,000 sq. ft. The facility offers enhanced capabilities, including a full-service, environmentally-controlled paint facility and 24/7 parts depot with over $15 million in parts inventory. Emphasizing sustainability, it has solar panels, EV charging, and Sustainable Aviation Fuel availability. The centre is set to support over 2,000 business jet visits annually, enhancing customer service and operational efficiency.
Bombardier announced updates regarding its cash tender offer for up to US$350 million in senior notes, initially disclosed on June 13, 2022. As of the Early Tender Date, US$77.66 million of 7.875% Senior Notes due 2027, US$290.04 million of 7.500% Senior Notes due 2024, and US$481.12 million of 7.50% Senior Notes due 2025 were tendered. Due to oversubscription, only a portion of the 2025 notes will be accepted. By executing this tender offer, Bombardier anticipates repaying over $750 million in debt, which is projected to save nearly $60 million annually in interest costs.
Bombardier has announced the renewal of its normal course issuer bid (NCIB), starting June 28, 2022, allowing the purchase of up to 880,000 Class B shares over one year, representing approximately 1.03% of its total Class B shares. This follows a 25-for-1 share consolidation effective June 13, 2022. Of the shares purchased, about 150,000 are expected to be canceled, while 730,000 will be placed in trust for employee incentive plans. The NCIB aims to mitigate dilution from stock options and support capital management.
On June 22, 2022, Bombardier announced that IAMAW Local 712 members in Dorval and Saint-Laurent, Québec, ratified a new 5-year collective bargaining agreement. The company expressed satisfaction with the vote, emphasizing its commitment to collaborate with IAMAW Local 712 union leadership and its employees. The agreement highlights mutual engagement towards a successful future for both Bombardier and its workforce, reinforcing that the company's success relies on high-quality products and engaged employees. Bombardier remains a leader in aviation, known for its innovative aircraft.
Bombardier announced a share conversion privilege for its Series 2 and Series 3 Preferred Shares, effective August 1, 2022. Holders can convert shares on a one-for-one basis. Series 2 shareholders will receive a monthly floating cash dividend based on a prime rate percentage, while Series 3 shareholders will receive a fixed quarterly cash dividend for five years, pegged at 145% of the yield on five-year non-callable Government of Canada bonds. Share conversions must be submitted by July 18, 2022.
Bombardier has launched a tender offer to buy back up to $350 million of its outstanding notes. The offer focuses on its 7.875% Senior Notes due 2027 with a cap of $100 million. The tender will be funded entirely from the company's cash reserves and is set to expire on July 12, 2022. Early tendering before June 27, 2022 allows holders to receive an additional early payment of $30 per $1,000 of notes. The acceptance priority for notes is also specified, affecting possible proration of purchases.
Bombardier expressed disappointment over IAMAW Local 712 members rejecting the collective bargaining agreement renewal. Following the vote, Bombardier is exploring options and has confirmed that negotiations will resume on June 14. The company believes it is on a positive trajectory and is committed to achieving favorable outcomes for all employees, including IAMAW Local 712 members. To mitigate disruptions during the study day on June 13, Bombardier will implement a contingency plan at affected sites.
Bombardier announced a Share Consolidation of its Class A and Class B shares at a 1:25 ratio, effective June 13, 2022. This action will reduce the number of outstanding shares from approximately 308 million Class A shares and 2.134 billion Class B shares to around 12.3 million Class A shares and 85.4 million Class B shares. Following the consolidation, shares will continue to trade on the TSX under the symbols BBD.A and BBD.B. Registered shareholders will receive a letter of transmittal for the share exchange, while non-registered shareholders should check with their intermediaries.