BBD


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BBD

(electronics)
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BBD continues to target consolidated breakeven FCF in 2018 and breakeven cash flow for the C Series in 2020.
BBD will use the proceeds to finance a tender offer for up to USD550m of existing debt due between 2012 and 2014 and to back the company's liquidity, Fitch said.
These programs are largely responsible for high capital spending at BA which BBD projects at $1.
In addition, BBD maintains substantial liquidity and has a conservative debt structure which will involve only modest debt repayments prior to calendar 2016 once it completes its pending debt and tender offer transactions.
Expected cash deployment by BBD in fiscal 2011 includes annual dividends of approximately $180 million and pension contributions that BBD estimates at $336 million.
BBD has the option to increase the tender offer up to $1 billion, slightly less than the maximum of $1.
On the other hand, the Rating Outlook could return to Stable if conditions in BBD's aerospace markets stabilize and begin to improve or if BBD is able to reduce its cost structure sufficiently to rebuild its free cash flow.
In addition, orders for regional jets have slowed due to lower passenger traffic and financial difficulties at the airlines, and BBD plans to reduce production of regional jets late in FY2010 to a sustainable rate until demand improves.
Tighter conditions in the credit markets could potentially prompt BBD to provide aircraft financing, at least on an interim basis, that could increase its funding needs and make it more difficult to achieve better credit metrics.
The ratings for BBD affect debt and preferred stock that totaled approximately $4.
As indicated by BBD in a press release, the debt targeted to be repurchased includes approximately $408 million of Euro-denominated 5.
1 billion of the cash on hand at BBD is related to advances extended by BC to the parent, and much of BBD's cash will be used to pay debt maturities at BC.