Bombardier Closes €3.4B Letter of Credit Facility

On May 27, 2011, Bombardier Transportation closed a €3.4 billion (approximately US$4.9 billion) letter of credit facility with a syndicate of leading international financial institutions. This facility refinances and replaces Bombardier Transportation's existing €3.75 billion letter of credit facility which was scheduled to mature in 2013.

The new multicurrency increasable extendible letter of credit facility is solely for use by the Bombardier Transportation Group. Subject to specified terms and conditions, the facility is increasable to up to €4.5 billion, and the facility's scheduled 2014 maturity is extendible for up to an additional two years. The mandated lead arrangers and joint bookrunners for the facility were BNP Paribas, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG and J.P. Morgan Limited, and Natixis, Société Générale Corporate and Investment Banking and The Royal Bank of Scotland NV (Belgium) Branch, acted as additional joint bookrunners.

The transaction was led in-house by Daniel Desjardins, Senior Vice President and General Counsel, Chantal Robitaille, Senior Director, Legal Services, Delphine Néant, Legal Counsel and Sandra Carr, Legal Counsel. Norton Rose OR LLP in Montréal acted as counsel to Bombardier Inc. and certain of its affiliates, with a team led by Paul Raymond and including Peter Wiazowski and Michèle Friel (banking and capital markets); Nicholas Cerminaro (capital markets); Jules Charette (tax); Ep Hannema and Stefanie Walthaus (Netherlands law matters) and Paul Vine (English law matters). Bombardier was also advised locally in Luxembourg, Switzerland and Spain by Baker & McKenzie LLP with teams comprising Jean-François Findling and Bertrand Job in Luxembourg; Theodor Haertsch in Zurich and Rossanna D'Onza and Elisa Melendez in Madrid. Bombardier was advised in the US by Jones Day with a team comprising Chris Hilbert and Michelle Herman.

The joint bookrunners and banks were represented by Allen & Overy LLP, with a team led by banking partner Michael Castle and including Mary Neave in London; Femke Bierman in Amsterdam; Ignacio Ruiz-Camara and Maria Gomez in Madrid; Elizabeth Leckie and Livia Talenti in New York and Pierre Schleimer, Benedicte Kurth and Audrey Lesage in Luxembourg. The joint bookrunners and banks were represented on Swiss law matters by Lenz & Staehelin with a team that included Patrick Hünerwadel, Roland Fischer and Adrian Koller and on Canadian law matters by Fasken Martineau DuMoulin LLP, with a team that included Marc Novello, Angela Onesi and Francis Trifiro.