By Paul A. Harris
Portland, Ore., Sept. 26 – Air Canada announced in a Monday press release that it has priced a private offering of C$200 million of 4¾% senior secured notes due 2023, which will be sold at par.
The Montreal-based company also announced it received commitments from lenders for a new credit facility in connection with its C$1.25 billion refinancing transaction.
Air Canada intends to use the net proceeds, and approximately C$444 million of cash on hand, to redeem all of its outstanding senior secured notes and its $300 million term loan.
Air Canada is Canada's largest domestic and international airline.
| Issuer: | Air Canada
|
| Amount: | C$200 million
|
| Maturity: | 2023
|
| Issue: | Senior secured notes
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Announcement date: | Sept. 26
|
| Distribution: | Private offering
|
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