Bombardier Recreational withdraws $500 million term loan from market

By Sara Rosenberg

New York, May 10 – Bombardier Recreational Products Inc. (BRP Inc.) pulled its non-fungible $500 million seven-year incremental term loan (Ba2/BB) due to market conditions, according to a market source.

Talk on the term loan was SOFR+10 basis points CSA plus 325 bps to 350 bps with a 0.5% floor, an original issue discount of 98.5 and 101 soft call protection for six months.

RBC Capital Markets and Citigroup Global Markets Inc. were acting as the joint lead arrangers on the deal.

Proceeds were going to be used for general corporate purposes, including to repay outstanding revolving credit facility borrowings, to fund an issuer bid to purchase for cancellation up to C$250 million of its subordinate voting shares through a “modified Dutch auction” and to pay related fees and expenses.

Bombardier is a Valcourt, Quebec-based designer, manufacturer, distributor and marketer of motorized recreational vehicles and powersports engines.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.