Air Canada announced that it has concluded a secured revolving credit facility with the Canadian Imperial Bank of Commerce which will provide the airline with up to $100 million of revolving credit for a term of one year. Upon closing, Air Canada has drawn funding of $50 million from the credit facility. Additional draw downs are subject to certain conditions.
This revolving credit facility replaces Air Canada's previous secured syndicated 3-year revolving credit facility and represents an additional step in the implementation of Air Canada's strategy of improving its short term and longer term liquidity through both traditional and non-traditional means.
