CAE secures five-year US$400 million and (euro) 100 million credit facility
11 July 2005 - 11:08PM
PR Newswire (US)
CAE secures five-year US$400 million and (euro) 100 million credit
facility MONTREAL, July 11 /PRNewswire-FirstCall/ -- (NYSE: CGT;
TSX: CAE) - CAE today concluded an agreement for a committed
five-year revolving credit facility of US$400 million and (euro)
100 million, to replace its existing facility due to expire in
April 2006. Scotia Capital, BNP Paribas and WestLB AG are lead
arrangers for the new credit facility, which includes a syndicate
of 15 Canadian, U.S. and international banks. "Our bankers have
shown confidence by oversubscribing to this financing, and we are
encouraged by their five-year commitment. We are also pleased to
have secured comparable terms and conditions to our previous
agreement," said Alain Raquepas, CAE's Chief Financial Officer.
"Our restructuring efforts have gone a long way to strengthen CAE's
financial position. While many challenges remain in this transition
year, we hope to position the Company well for fiscal year 2007 and
beyond." The new revolving credit facility will expire in July
2010. It maintains CAE's borrowing flexibility, while recognizing
the Company's normal use of operating leases and project
financings. CAE is a leading provider of simulation and modelling
technologies as well as integrated training services for commercial
and business aviation, and defence customers worldwide. The company
has annual revenues of approximately C$1 billion, with operations
and training facilities in 17 countries on five continents.
DATASOURCE: CAE INC. CONTACT: Media contacts: Nathalie Bourque,
Vice President, Global Communications, (514) 734-5788, ; Anne von
Finckenstein, Manager, Public Relations, (514) 340-5370, ; Investor
relations: Andrew Arnovitz, Director, Investor Relations, (514)
734-5760, ; On the Web: http://www.cae.com/
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