Bombardier gets final instalment of Quebec’s US$1B investment in CSeries
September 2, 2016 by The Canadian Press
Sept. 2, 2016 – Bombardier confirms that it has received the final instalment of Quebec’s US$1-billion investment in the company’s CSeries commercial jet program.
The Montreal, Que.-based company announced on June 23 that the province would own 49.5 per cent of a new limited partnership with all the assets, liabilities and obligations of the CSeries aircraft program after the investment was completed.
Bombardier received the first $500-million instalment of the provincial investment a week later on June 30, providing the company with funds as it builds the CSeries planes ordered by airlines and other customers.
The delivery of the first CS100 to Swiss International Air Lines was made at the end of June.
As a result of the final $500-million payment, completed on Thursday as planned, the province’s Investissement Quebec received warrants that are exchangeable for 50 million Bombardier class B shares.
Bombardier’s publicly traded class B shares closed Thursday at $2.13 in Toronto, Ont. — below the warrants’ exercise price of $2.21, or US$1.72.