Bombardier Closes $1.2B Offering

On April 17, 2003, Bombardier Inc. closed a public offering in Canada of 370 million class B shares (subordinate voting), at $3.25 per share, for total gross proceeds of approximately $1.2 billion. This amount reflects the exercise, on April 15, by the underwriters of the over-allotment option covering 30 million class B shares (subordinate voting), granted in accordance with the terms of the underwriting agreement entered into on April 7. A portion of this offering was sold on a private placement basis in the U.S. The proceeds will be used to supplement Bombardier’s working capital and for general corporate purposes.

Bombardier was represented in-house by Daniel Desjardins, vice-president, and Alain Doré, director, both of legal services; in Canada, by Ogilvy Renault with a team that included Paul Raymond, Solomon Sananes, Michelle Setlakwe and Elliot Shapiro (corporate/securities) and Jules Charette (tax); and in the U.S., by Christopher Hilbert, Drew Nelson and Alexi Poretz of Sidley Austin Brown & Wood LLP in New York.

The underwriters, led by CIBC World Markets Inc., were represented by Jean Marc Huot, Steeve Robitaille and Robert Carelli (corporate/securities) and Frederic Harvey (tax) of Stikeman Elliott LLP in Montreal.