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July 10, 2012, 6:38 a.m. EDT

Bombardier books order from Air Baltic

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By Jon Ostrower

FARNBOROUGH, England (MarketWatch) — Bombardier Inc. on Tuesday confirmed an order from Latvian flag carrier Air Baltic Corp. for up to 20 CSeries jets.

The Canadian airplane maker /zigman2/quotes/208994866/delayed CA:BBD.B +3.42%  signed a letter of intent for 10 CS300 aircraft with options for an additional 10.

The confirmation of the order, first reported by The Wall Street Journal, was announced at the Farnborough International Air Show.

The order, at listed price, is worth $764 million and could rise to $1.57 billion if Air Baltic exercises its options.

Martin Gauss, chief executive of Air Baltic, said the aircraft will replace its existing fleet of aging 737 Classic jets starting in 2015.

Gauss said the pre-delivery payments for the aircraft will be paid out of the company’s cash reserves and additional financing sources have already been arranged.

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