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Ottawa International Airport obtains consents to waive rate covenant, restrictions until 2023
By Rebecca Melvin
Concord, N.H., April 26 – Ottawa International Airport Authority said it has received the necessary consents from bondholders to temporarily waive certain provisions under the master trust indenture governing its outstanding bond series, including pledged bonds, according to a press release.
The authority received consents representing 98.34% of the principal amount of the notes from its April 7 solicitation.
As a result, OIAA will be relieved temporarily of its obligations to meet or satisfy its rate covenant, the additional indebtedness covenant and the restriction on sale, lease, etc. covenant for 2021 and 2022 fiscal years.
A meeting previously scheduled to be held on April 27 has been canceled.
While the proposed amendments are in effect, OIAA will disclose in the notes of the quarterly financial statements submitted to the bondholders’ trustee if the available amount of liquidity at the end of that fiscal quarter drops below $20 million.
“Since the beginning of the pandemic, OIAA's primary goal has been financial sustainability. The successful completion of this process is an important factor in the achievement of that goal and demonstrates the market's confidence in the industry and our airport,” Mark Laroche, president and CEO of the Ottawa International Airport Authority, stated in the press release.
CIBC World Markets Inc. is acting as solicitation agent and D.F. King Canada (800 239-6513, 416 682-3825, inquiries@dfking.com) is acting as information agent in connection with the meeting and consent solicitation. AST Trust Co. (Canada) is acting as tabulation agent. Norton Rose Fulbright Canada LLP is acting as legal adviser to OIAA.
Ottawa-based Ottawa International Airport Authority oversees the business of the airport.
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