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Transaction/Case Details

Vancouver Airport Authority Completes $200 Million Debenture Offering and Consent Solicitation

DATE CLOSED

November 10, 2015

BUSINESS SECTOR

Transportation

LEAD OFFICE

Vancouver

VALUE

200 Million CAD


OVERVIEW

Vancouver Airport Authority (the Authority) completed a private placement of C$200 million aggregate principal amount of 3.857% Series F Debentures due 2045. The net proceeds from the placement were used to refinance the Authority’s 5.020% Series E debentures due 2015. The Authority also completed a consent solicitation to amend certain terms of its outstanding 7.425% Series B Debentures due 2026 and 4.424% Series D Debentures due 2018. CIBC World Markets acted as sole agent for the private placement and as solicitation agent for the consent solicitation. The private placement was completed on November 10, 2015 and the consent solicitation was completed on October 5, 2015.

Headquartered in Richmond, British Columbia, Vancouver Airport Authority is a community-based, not-for-profit organization that manages Vancouver International Airport (YVR). Canada's second busiest airport, YVR served more than 19 million passengers in 2014. Fifty-three airlines serve YVR, connecting people and businesses to more than 110 non-stop destinations worldwide. YVR was voted Best Airport in North America for the sixth consecutive year and Best Airport in the World for its size category of 10-20 million passengers in the 2015 Skytrax World Airport Awards.

McCarthy Tétrault advised Vancouver Airport Authority on the private placement and the consent solicitation with a corporate team consisting of Linda Brown, Jody Aldcorn, and Pavan Jawanda.

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