All amounts in this press release are in U.S. dollars unless otherwise indicated.
MONTREAL, Aug. 19, 2020 (GLOBE NEWSWIRE) -- Bombardier (TSX: BBD.B) announced today that it has successfully closed the previously announced three-year $1.0 billion senior secured term loan facility (the "Facility") with HPS Investment Partners, LLC, 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 $750 million and a term of three years. Bombardier and Alstom continue to work together to obtain the remaining approvals and complete the Works Councils consultations required prior to executing the definitive sale and purchase agreement. In the fiscal year ended December 31, 2019, Bombardier posted revenues of $15.8 billion. Bombardier Reports First Quarter 2020 Financial Results and Measures Taken in Response to COVID-19 Pandemic. Bombardier (TSX: BBD.B) today announced its preliminary results for the fourth quarter and full year 2019. Bombardier (TSX: BBD.B) today announced a definitive agreement to sell its aerostructures business to Spirit AeroSystems Holding, Inc. (Spirit), supporting Bombardier’s strategic decision to focus on its two strong growth pillars, trains and business aircraft. Bombardier reassessing future participation in Airbus Canada Limited Partnership; All amounts in this press release are in U.S. dollars unless otherwise indicated. Adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS exclude items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. The assumptions are set out throughout this press release (particularly, in the assumptions below the Forward-looking statements in the MD&A of … 2020/07/14 sunny with a 100% chance of fun: manitou introduces 2021 lineup of pontoons read more. Apr 30, 2020 / Press release.
We strive to present clear, concise and timely financial information. The Board accepted Mrs. Weder di Mauro’s resignation and thanks her for her four years of dedicated service and the insight and wisdom she brought to Bombardier during her tenure. There are no financial covenants under the Facility.Headquartered in Montréal, Canada, Bombardier has production and engineering sites in over 25 countries across the segments of Aviation and Transportation. Other entities in our industry may define the above measures differently than we do.
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.Drawings under the Facility will bear interest at an agreed margin over the ABR (Alternate Base Rate) and LIBOR (London Inter-bank Offered Rate) reference rates and will be secured by a security interest in certain aviation inventory and related accounts receivable. Amounts in tables are in millions except per share amounts, unless otherwise indicated. Management believes these non-GAAP earnings measures in addition to IFRS measures provide users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business.
Bombardier operates two industry-leading businesses: Aerospace & Transportation. Financial Report, year ended December 31, 2019 On July 31, 2020, the European Commission provided conditional approval of the sale of Bombardier Transportation to Alstom, a significant milestone in obtaining the necessary regulatory approvals to complete the transaction. For these reasons, a significant number of users of the MD&A analyze our results based on these financial measures. This press release is based on reported earnings in accordance with IFRS and on the following non-GAAP financial measures: With nearly 60,000 employees across two business segments, Bombardier is a global leader in the transportation industry, creating innovative and game-changing planes and trains. In addition, Alstom’s or Bombardier’s representatives may from time to time make oral forward-looking statements. recent news recent news 2020/08/13 brp to present its second quarter results for fiscal year 2021 read more. Bombardier shares are traded on the Toronto Stock Exchange (BBD). Headquartered in Montréal, Canada, Bombardier has production and engineering sites in over 25 countries across the segments of Aviation and Transportation. Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporation’s generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation.
Management uses free cash flow as a measure to assess both business performance and overall liquidity generation.
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