On May 27, 2011, Bombardier Transportation closed a €3.4 billion (approximately US$4.9 billion) letter of credit facility with a syndicate of leading international financial institutions. This facility refinances and replaces Bombardier Transportation's existing €3.75 billion letter of credit facility which was scheduled to mature later in 2013. The new multicurrency increasable extendible letter of credit facility is solely for use by the Bombardier Transportation Group. Subject to specified terms and conditions, the facility is increasable to up to €4.5 billion, and the facility's scheduled 2014 maturity is extendible for up to an additional two years. The mandated lead arrangers and joint bookrunners for the facility were BNP Paribas, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG and J.P. Morgan Limited, and Natixis, Société Générale Corporate and Investment Banking and The Royal Bank of Scotland NV (Belgium) Branch, acted as additional joint bookrunners. The joint bookrunners and banks were represented on Canadian law matters by Fasken Martineau DuMoulin LLP, with a team that included Marc Novello, Angela Onesi and Francis Trifiro.