Winnipeg Airports Authority secures $100 million in bond financing

2013-04-16 — /travelprnews.com/ — Winnipeg Airports Authority Inc. (WAA) announced today the closing of a $100 million privately-placed bond issue with institutional investors across Canada.

The bond issuance provides WAA with capital to, among other things, repay certain amounts owing under WAA’s bank credit facility with the Canadian Imperial Bank of Commerce, finance capital expenditures and for general corporate purposes.

The bonds are designated as Series E and are 10 year bullet bonds with a semi-annual payment consisting only of interest at 3.039% per annum.

The bond issue was placed by a syndicate of agents led by CIBC World Markets that also included RBC Dominion Securities and TD Securities. The bonds are rated A1 (negative) by Moody’s and A (negative) by Standard & Poor’s.

Income to support capital expenditures and principal and interest of the bonds will be obtained predominantly through Airport Improvement Fees (AIF).

Winnipeg Airports Authority is a non-share capital corporation responsible for the management and operation of Winnipeg James Armstrong Richardson International Airport and affiliate businesses. All surplus revenue over expenses is reinvested by WAA back into the community, primarily through airport development projects.

WAA is self-sufficient with taxpayers not directly involved in financing airport site redevelopment which is being paid through AIF.

Winnipeg Airports Authority serves our region by providing value to our customers and community. A source of pride for our community, we strive to be a leader in its growth and development.

FURTHER INFORMATION:
Christine Payne
Director, Communications & Public Affairs
Winnipeg Airports Authority Inc.
24 Hour Media Line: 204.992.2791