Air Canada Plans Bond Redemptions, Refinancing to Cut Debt LoadBy
Company will redeem U.S. and Canadian dollar 2019, 2020 notes
Airline recalibrates finances as competition intensifies
Air Canada plans to ease its debt load and push back maturities to cut costs as the airline industry wrestles with overcapacity and weak fares.
The airline intends to redeem $700 million of U.S. dollar first- and second-lien bonds maturing in 2019 and 2020, as well as C$300 million ($233 million) of Canadian dollar bonds maturing in 2019, Air Canada said in a statement Tuesday. The arrangement includes plans to refinance its existing senior secured credit facility as well as the notes, the Montreal-based company said…
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