In August 2021, Milbank LLP represented the initial purchasers and arrangers in connection with $6.1 billion of capital raised by Air Canada through three debt transactions:
- Air Canada’s offering of its US$1,200,000,000 3.875% Senior Secured Notes due 2026 and CDN$2,000,000,000 4.625% Senior Secured Notes due 2029;
- US$2,300,000,000 term loan; and
- US$600,000,000 revolving credit facility.
Air Canada is the largest provider of scheduled passenger services in the Canadian market, the Canada-US transborder market and in the international market to and from Canada. The proceeds of the debt transactions will be used to redeem, repurchase or discharge existing debt and for working capital and general corporate purposes.
The Milbank deal team was led by Transportation and Space partner Jim Pascale and Global Capital Markets partner Brett Nadritch, along with associates Josh Forman, Alexander Becker, Ian Dummett, Victoria Mansoor, Coral O’Connor and Tiffany Han.
