Bombardier Recreational Products, a subsidiary of BRP, successfully refinanced its existing credit facilities.

The company refinanced its $792 million term loan B due in January 2019 with an amended and restated $700 million term loan B facility maturing in June 2023. It also refinanced its C$350 million ($270.96 million) revolving credit facility maturing in May 2018 with an amended and restated C$425 million ($329.02 million) revolving credit facility maturing in June 2021.

“We are pleased that we were able to extend the maturity of our credit facilities while maintaining favorable terms,” said S√©bastien Martel, BRP’s chief financial officer. “In line with our long-term capital structure objectives, we seized the opportunity to deleverage our balance sheet and improve our financial flexibility.”

Royal Bank of Canada and BMO Capital Markets acted as joint lead arrangers. Royal Bank of Canada, BMO Capital Markets, Citigroup Capital Markets and TD Securities acted as joint bookrunners for the syndication of the term loan B facility.

BMO Capital Markets and Royal Bank of Canada acted as joint lead arrangers and joint bookrunners for the syndication of the revolving credit facility. Royal Bank of Canada and National Bank of Canada acted as co-syndication agents.

Pricing on the new term loan B facility was set at LIBOR plus 3.00% with a LIBOR floor of 0.75%. The term loan B was offered to investors at an original issue discount of 99.00.

BRP is a global manufacturer of powersports vehicles and propulsion systems.