| Canada. Bombardier Recreational Products extends tender offer |
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| Monday, 19 June 2006 | |
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Company news: Bombardier Recreational Products Inc. ("BRP" or "the Company") is extending the tender offer expiration date for its previously announced cash tender offer relating to its 8 3/8% Senior Subordinated Notes due 2013 (CUSIP No. 09776LAC0) ("the Notes"). The tender offer, which was scheduled to expire at midnight, New York City time, on Friday, June 16, 2006, will be extended to midnight, New York City time, on Friday, June 23, 2006, unless further extended by the Company. To date, holders of all US $200 million of the outstanding principal amount of the Notes have tendered their outstanding Notes and delivered related consents pursuant to the tender offer and consent solicitation described in the Offer to Purchase and Consent Solicitation Statement dated May 19, 2006 (the "Offer to Purchase"). The last day that holders of the Notes could have withdrawn tendered Notes and revoked delivered consents was Friday, June 2, 2006, at 5:00 p.m., New York City time. As a result, tendered Notes and delivered consents may no longer be withdrawn or revoked. BRP has entered into a supplemental indenture relating to the proposed amendments that have been approved as part of the consent solicitation. Subject to satisfaction of the closing conditions described in the Offer to Purchase, the Company expects the settlement date for the tender offer will be Monday June 26, 2006. Based on the tender offer yield of 5.404% determined June 2, 2006, and assuming a June 26, 2006 settlement date, the total consideration to be received by the holders of the Notes will be $1,104.46 per $1,000.00 principal amount of the tendered Notes, plus accrued and unpaid interest on the tendered Notes up to, but not including, the settlement date. If the settlement date changes in the future, BRP expects it will further adjust the total consideration by calculating such amount as of such new settlement date, but still using the same tender offer yield it announced on June 2, 2006. Any such adjustment will be announced via a press release. As noted, the tender offer is subject to the terms and conditions set forth in the Offer to Purchase, including the execution of a new senior secured credit facility. If any of the conditions to the tender offer are not satisfied, BRP is not obligated to accept for payment or for purchase any tendered Notes, and it may also delay the acceptance for payment and may even terminate the tender offer. Merrill Lynch & Co. is acting as the sole Dealer Manager and Solicitation Agent for the tender offer and the consent solicitation. The Information Agent is Global Bondholder Services Corporation. |
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| Last Updated ( Monday, 19 June 2006 ) |
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