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March 14, 2013
12:54 EDTBDRBF, GRMNGarmin to provide short term interest free loan of $173.7M to Bombardier
Garmin (GRMN) disclosed in a regulatory filing that its subsidiary Garmin International entered into a Memorandum of Agreement with Bombardier (BDRBF). In order to assist Bombardier in connection with delayed cash flows from the program to develop avionics system for the Lear 70 and Lear 75 aircraft for Learjet, a subsidiary of Bombardier, Garmin International agreed to provide Bombardier a short term, interest free, loan of $173.7M in cash in seven installments beginning on March 22, 2013 and ending on September 20, 2013 pursuant to the terms and conditions of the Agreement. Conditional upon Garmin International returning to Learjet a flight test vehicle and delivering specified Garmin software and hardware to Learjet no later than July 11, 2013, Bombardier will repay the loan in five installments beginning on November 1, 2013 and ending on March 7, 2014, provided that the repayment dates will be extended on a day for day basis if the July 11, 2013 milestone date is extended, the company said. Garmin International is the supplier of the avionics system for the Lear program and the delayed cash flows are partially related to the certification of the avionics exceeding the planned delivery date, the company said.
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April 23, 2014
07:24 EDTBDRBFBombardier sells two Q400 NextGen airliners for about $62M
Bombardier Aerospace announced that a customer in the Middle East and Africa region, who has requested to remain unidentified at this time, placed a firm order for two Q400 NextGen turboprop airliners. Based on the list price of the Q400 NextGen airliner, the order is valued at approximately $62M.

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