July 22, 2020 / 12:54 PM / 17 days ago

Bombardier secures up to $1 bln in credit, points to improved cash usage

July 22 (Reuters) - Bombardier Inc said on Wednesday it had secured a loan of up to $1 billion and its second-quarter cash usage was about $500 million better than previously expected, as it looks to strengthen its cash position to weather the COVID-19 pandemic.

The company said it had secured a commitment from investment funds and accounts managed by HPS Investment Partners LLC to provide the three-year senior secured term loan. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Aditya Soni)

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