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Bombardier Inc. is a global leader in designing, manufacturing, and maintaining top-performing aircraft for a variety of industries. With a diverse portfolio of mobility solutions, Bombardier is committed to bridging distances and enabling seamless travel across the world.
From category-defining business jets and commercial aircraft to high-speed trains and smart public transit systems, Bombardier's products are at the forefront of transportation innovation. The company's recent achievements include the issuance of new Senior Notes and the strategic acquisition of German automobile association Allgemeiner Deutscher Automobil-Club.
Bombardier's dedication to excellence in aviation is highlighted by the successful pricing of US$750 million Senior Notes and the development of innovative aircraft, such as the Bombardier Challenger 650 for air ambulance services. The company's commitment to customer satisfaction and industry-leading performance sets it apart as a trusted provider of mobility solutions worldwide.
Bombardier is hosting its second virtual event from May 10 to May 14, 2021, focused on showcasing its aircraft and customer service offerings to clients in the Middle East and Europe. The event will feature online visits of several aircraft models, including the Challenger 350, Challenger 650, Global 5500, Global 6500, and the Global 7500. Following a successful North American event in October, this initiative aims to engage a broader audience. Public participation is encouraged through daily online visits, with details available via Bombardier's social media channels.
Bombardier announced the successful election of all 12 director candidates during its annual shareholder meeting held virtually on May 6, 2021. Key figures include Pierre Beaudoin receiving 98.59% of votes, while Melinda Rogers-Hixon led with 99.68%. The meeting highlights Bombardier's governance stability as it continues to navigate challenges in the aviation industry. The company aims to enhance its shareholder value and maintain its position as a leader in innovative aviation solutions.
Bombardier reported strong Q1 2021 results with business jet revenues reaching $1.3 billion, an 18% year-over-year increase, primarily due to large-cabin aircraft deliveries, including eight Global 7500 models. Adjusted EBITDA rose 43% to $123 million, reflecting improved aircraft mix and cost structure. Free cash flow usage improved by $357 million to $405 million.
Pro-forma liquidity stood at $2.6 billion following significant debt repayment actions totaling approximately $2.4 billion, expected to reduce annual cash interest costs by $200 million.
Bombardier has initiated consent solicitations regarding its senior notes following a claim from a holder of the 2034 Notes, alleging that the company breached covenants due to its recent divestitures. The corporation asserts these claims are unfounded and emphasizes its strategic repositioning for long-term growth and value creation. The consent solicitations aim to clarify transaction permissions within indentures and seek waivers for any alleged defaults, offering a consent payment of US$1.25 per US$1,000 principal amount. The final financial results will be disclosed on May 6, 2021.
Bombardier reported preliminary Q1 2021 results with business jet revenues projected at $1.3 billion, reflecting an 18% year-over-year increase. Expected EBIT and adjusted EBITDA stand at $19 million and $123 million, respectively. Free cash flow usage is anticipated at $405 million, including around $100 million in non-recurring items. The company aims to deliver 110-120 business aircraft this year. In a separate note, Bombardier launched consent solicitations regarding its senior notes following claims of covenant breaches, which it contests as unmerited.
Bombardier has been recognized with the 2021 Mercure Award in the Health and Safety category by the Fédération des chambres de commerce du Québec. This award acknowledges the company's exemplary health and safety program which was adapted rapidly during the COVID-19 pandemic. Measures included creating 'work bubbles' and extensive training, ensuring employee safety while maintaining operations. Furthermore, Bombardier is contributing to the vaccination effort in Quebec, partnering to establish a vaccination hub at its Dorval facility.
Bombardier has appointed Ève Laurier as Vice President of Communications, Public Affairs, and Marketing, effective mid-May 2021. Reporting directly to CEO Éric Martel, Laurier will enhance community engagement and brand strategy. She brings over 20 years of experience, previously serving as General Manager at Edelman. Martel emphasized Laurier's leadership and creativity as vital for advancing Bombardier's business aviation strategy. The company also acknowledged Mike Nadolski's departure after five years. Bombardier continues to be a global aviation leader, supporting around 4,900 aircraft worldwide.
Bombardier will release its first-quarter 2021 financial results on May 6, 2021, followed by a virtual Annual Meeting of Shareholders. The quarterly conference call for investors is scheduled for 8:00 a.m. EDT the same day, where management will discuss the company’s performance. Investors can join via webcast or telephone. The meeting for shareholders is set for 10:30 a.m. EDT, allowing registered shareholders to vote and participate in discussions.
Bombardier has opened a new Line Maintenance Station at Geneva Airport, enhancing its customer service network in Europe. This facility is the tenth worldwide and the seventh in Europe, supporting a growing fleet of Challenger and Global business jets. It features 10,000 sq m (over 107,000 sq ft) of hangar space, providing comprehensive maintenance services by certified technicians. This expansion is part of Bombardier's strategy to increase its Services and Support footprint by 50% globally, including new service centers in locations like Berlin, Miami, London, and Singapore.
Bombardier announced the expiration of its cash tender offer to purchase up to US$1.57 billion of its senior notes due 2021, 2022, and 2023. The offer, which expired on April 16, 2021, saw the company accept and purchase approximately US$955 million of 2021 Notes, US$316 million of 2022 Notes, and US$225 million of 2023 Notes during the early settlement. Additional notes were tendered prior to the expiration date, with final settlements expected on April 20, 2021. Executive Vice President Bart Demosky emphasized the importance of this action in reducing debt and annual cash interest costs.