Air Canada Completes Financing Transactions Raising Additional $1.23 Billion - Increasing Debt
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June 25, 2020 - by airlinerwatch.com
MONTREAL, CANADA - Air Canada announced that it recently closed two additional financing transactions for net proceeds of $1.23 billion.
Since the start of the COVID-19 pandemic in the first quarter of 2020, Air Canada has raised $5.5 billion of liquidity.
On June 22, 2020, Air Canada completed a private offering of $840 million aggregate principal amount of 9.00% Second Lien Secured Notes due 2024 (the "2024 Notes"), which were sold at 98% of par.
The Class C tranche ranks junior to the previously issued Series 2015-1, Series 2015-2, and Series 2017-1 EETCs, and is secured by liens on the 27 aircraft financed under the Series 2015-1, Series 2015-2, and Series 2017-1 EETCs. The Class C EETCs have an interest rate of 10.500% per annum...
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