Air Canada has received a commitment from GE Japan Corporation for a senior secured term loan facility in the amount of up to US$170.5 million (the “Facility”) to finance a portion of the purchase price for sixteen aircraft currently leased and operated by Air Canada. Completion of the financing is subject to certain customary terms and conditions.
This loan facility will be available to finance up to US $128.5 million of the amount required to purchase eight Airbus A319 aircraft and four Boeing B767-300ER aircraft in 2011, with terms of seven and four years respectively. The loan facility will also be available to finance up to US $42 million of the amount required to purchase four Airbus A319 aircraft in 2012, with a term of five years.
