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Toronto advises Citibank in connection with Air Canada's C$1.25bn re-financing

May 2017 Client: Citibank

Lawyers

In connection with Air Canada’s C$1.25bn debt capital markets re-financing, represented Citibank as Collateral Agent. As part of its refinancing transaction, Air Canada completed its private offering of C$200 million of 4.75% senior secured first lien notes due 2023 (the "2016 Senior Notes") and the closing of its previously announced US$1.1 billion new senior secured credit facility, comprised of a US$800 million term loan maturing in 2023, together with a new, undrawn US$300 million revolving credit facility expiring in 2021 (collectively with the term loan, the "2016 Credit Facility"). The 2016 Credit Facility has an initial interest rate of 275 basis points over LIBOR (subject to a LIBOR floor of 75 basis points).