$2 billion debt restructuring positions The Calgary Airport Authority for predictable future

Today, The Calgary Airport Authority restructured its debt in a move that will provide stability and certainty to support YYC Calgary International Airport as a vital hub for the economic growth for Calgary and the surrounding region. 

The details of this inaugural bond offering include $2.075 billion of private placement bonds that will be used to repay two-thirds of the Authority’s debt with the Province of Alberta, pay debt transfer fees, and for general corporate purposes.

The reaction to YYC’s bond offering by key airport investors was overwhelmingly positive and represented confidence in the airport.

Following many months and several dozen meetings, the YYC team successfully attracted $9 billion in orders—the largest total order values of a bond offering ever in Canada. It was also the largest ever inaugural bond offering by a Canadian issuer, demonstrating the belief in the strategy and future of YYC.

The certainty that this new debt restructuring model provides will sharpen management’s focus on long-term planning from a capital, operations, and growth perspective.

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