CAE places senior notes valued at approximately $120 million
Written by thomas · Filed Under Aeronautics NewsJune 8, 2009
MONTREAL, QUEBEC–(Marketwire – June 8, 2009) – (NYSE:CGT)(TSX:CAE) CAE announced today that it has issued senior notes for C$15 million and US$105 million by way of a private placement. The notes are issued to two institutional investors, which are note holders under the company’s 1997 Note Purchase Agreement, for an average term of 8.5 years and a 7.15 per cent average blended interest rate.
Of the total proceeds, US$60 million will be used to pay maturing notes under the 1997 Note series, with the balance of proceeds to be used for general corporate purposes.
“We continue to be able to capitalize our company on the strength of our business model at an attractive cost,” said Alain Raquepas, CAE’s Vice President, Finance and Chief Financial Officer. “The notes will reinforce our cash position and provide us with additional flexibility.”
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