CAE announced today the conclusion of an agreement to refinance its existing credit facility due to expire in July 2010. The new agreement is a committed three-year revolving credit facility of US$ 450 million with an option to increase to a total amount of up to US$ 650 million.
Scotia Capital and TD Securities are lead arrangers for the new credit facility, which includes a syndicate of 11 Canadian, U.S., and international banks.
"The commitment of our banking syndicate shows continued support of CAE's market leadership in simulation and modelling technologies and integrated training solutions, and acknowledges our sound financial position," said Alain Raquepas, CAE's Chief Financial Officer.
The new revolving credit facility will expire in April 2013. It maintains CAE's borrowing flexibility and provides continued liquidity within a strong capital structure. The facility will be used for general corporate purposes and to facilitate growth opportunities.
CAE is a world leader in providing simulation and modelling technologies and integrated training solutions for the civil aviation industry and defence forces around the globe. With annual revenues exceeding C$1.6 billion, CAE employs more than 6,500 people at more than 90 sites and training locations in more than 20 countries. We have the largest installed base of civil and military full-flight simulators and training devices. Through our global network of 29 civil aviation and military training centres, we train more than 75,000 crewmembers yearly. We also offer modelling and simulation software to various market segments and, through CAE's professional services division, we assist customers with a wide range of simulation-based needs. www.cae.com
Nathalie Bourque, Vice President, Public Affairs and Global Communications,
+1-514- 734-5788, [email protected]
Investor relations: Andrew Arnovitz, Vice President, Investor Relations and Strategy,
+1-514-734-5760, [email protected]