Bombardier Increases Stock-Sale Plan 25% to C$938 Million
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Bombardier Inc. increased the size of a stock offering by 25 percent Friday, one day after announcing plans for the sale as it raises cash to help cover cost overruns on the CSeries jet programs.
The new target is C$938 million ($751 million), Montreal-based Bombardier said in a statement. The company will issue 424.2 million Class B shares at C$2.21 each, 12 percent less than Wednesday’s close in Toronto. The transaction is expected to be completed on or about Feb. 27.