Air Canada completes private offerings of secured notes
Air Canada has completed its private offerings of senior secured notes, which the airline had previously announced.
The offerings consist of $600m of 9.25 per cent senior secured first lien notes due 2015; C$300m of 10.13 per cent senior secured first lien notes due 2015, and $200m of 12 per cent senior secured second lien notes due 2016. The airline said it used approximately C$729m of the net proceeds to repay all outstanding debt under the secured term credit facility, including early payment fees. ($1 = C$1.02)
