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

(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)