Air Canada starts roadshow for $900 million equivalent five-year notes

By Paul A. Harris

St. Louis, July 20 - Air Canada began a roadshow on Tuesday for its $900 million equivalent offering of five-year senior secured first-lien notes (B2/B+), according to informed sources.

The deal features dollar-denominated notes and Canadian dollar-denominated notes, with tranche sizes to be determined.

The roadshow wraps up on July 27.

JPMorgan has the books for the Rule 144A for life dollar-denominated tranche.

TD Securities is running the books for the Canadian dollar-denominated notes, which are to be privately distributed.

Morgan Stanley and Citigroup are the co-managers.

The notes come with two years of call protection.

The Montreal-based airline will use the proceeds to repay its term loan and for general corporate purposes.

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