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Air Canada sets price talk for $900 million two-part note offering
By Paul A. Harris
St. Louis, July 26 - Air Canada set price talk for its $900 million equivalent two-part offering of five-year senior secured first-lien notes (B2/B+) on Monday, according to an informed source.
The Montreal-based airline talked the U.S. dollar-denominated tranche to yield 9½% to 9¾%. The Canadian dollar-denominated notes, meanwhile, are talked to yield 7/8% behind the notes in the dollar-denominated tranche.
The books close at 2 p.m. ET on Tuesday. Pricing is set for Tuesday afternoon.
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 airline will use the proceeds to repay its term loan and for general corporate purposes.
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