A&O and Norton Rose merger firm act on deal for transport giant

Allen & Overy (A&O) and Norton Rose's Canadian merger partner Ogilvy Renault have taken lead roles on a €3.4bn (£3bn) financing deal for transport manufacturer Bombardier.

Montreal-based Bombardier turned to legacy Ogilvy for advice, while magic circle firm A&O advised the joint bookrunners in a 36-strong syndicate of financing banks, with the facility oversubscribed by around €2bn (£1.78bn).

The deal saw the aircraft manufacturer secure an increasable and extendable letter of credit facility – allowing it to extend terms with one or all of the syndicate banks, or to bring in new banks.

City finance partner Michael Castle led a cross-border A&O team advising the bookrunners, which included BNP Paribas, Commerzbank, Credit Agricole CIB, Deutsche Bank, JP Morgan, Natixis, Royal Bank of Scotland and Societe Generale.

Canada's Fasken Martineau provided local advice to the banks, with Montreal banking partner Angela Onesi leading.

Meanwhile, Ogilvy securities partner Pete Wiazowski, also in Montreal, was at the helm for Bombardier. Baker & McKenzie's Luxembourg office took a role for the banks.

A&O's Castle commented: "We introduced the flexibility of extension options normally seen in a revolving facility into a letter of credit facility. It's not normally done because it is more complex, but was necessary due to the nature of Bombardier's business, which includes very long lead times. That the facility was oversubscribed will be seen as a massive vote of confidence in the Bombardier business."

The mandate came as Ogilvy last week (1 June) became known as Norton Rose OR, as the three-way merger with Norton Rose Group and South Africa's Deneys Reitz went live.