Bombardier Bonds, Shares Rise as Rail Sale to Alstom Is Signed

Bombardier Inc. said it will sell its rail unit to French train maker Alstom SA at a lower price than the two sides agreed upon in February, but will close the deal earlier than expected.

The new terms are based on an enterprise value of $8.4 billion for the division, down $350 million, Bombardier said in a statement. The Montreal-based company said it will receive net proceeds of about $4 billion, as much as $500 million less than it expected seven months ago.

Bombardier’s debt moved sharply higher. Bonds due in October 2022 traded at 91.3 cents on the ...