MONTREAL, Sept. 9,
2022 /CNW Telbec/ - Air Canada today announced that
it has agreed to repurchase US$174.3
million aggregate principal amount of its outstanding 4.000%
Convertible Senior Notes due 2025 (the "Notes") for an aggregate
cash repurchase price of approximately US$209 million (C$274
million), including accrued interest. The repurchases
are expected to close on or about September 13, 2022, subject
to customary closing conditions. Following the closing of the
repurchases and the cancellation of the repurchased Notes,
US$573.2 million aggregate principal
amount of Notes will remain outstanding.
This press release does not constitute an offer to purchase or a
solicitation of an offer to sell the Notes or any other
securities.
CAUTION REGARDING
FORWARD-LOOKING INFORMATION
This news release includes forward-looking statements within
the meaning of applicable securities laws. Forward-looking
statements relate to analyses and other information that are based
on forecasts of future results and estimates of amounts not yet
determinable. These statements may involve, but are not limited to,
comments relating to guidance, strategies, expectations, planned
operations or future actions. Forward-looking statements are
identified using terms and phrases such as "preliminary",
"anticipate", "believe", "could", "estimate", "expect", "intend",
"may", "plan", "predict", "project", "will", "would", and similar
terms and phrases, including references to assumptions. These
statements also include, statements related to the amount of Notes
to be repurchased and the ability to complete the repurchases on
the timeline described herein or at all.
Forward-looking statements, by their nature, are based on
assumptions including those described in this news release and the
documents incorporated by reference herein and are subject to
important risks and uncertainties. Forward-looking statements
cannot be relied upon due to, among other things, changing external
events and general uncertainties of the business of Air Canada.
Actual results may differ materially from results indicated in
forward-looking statements due to a number of factors, including
changes in the price of Air Canada's shares; changes in the
convertible note and other capital markets; and other factors
identified in Air Canada's public disclosure file available
at www.sedar.com and, in particular, those
identified in section 18 "Risk Factors" in Air Canada's 2021
MD&A and section 14 "Risk Factors" of Air Canada's Second
Quarter 2022 MD&A. The forward-looking statements contained in
this news release represent Air Canada's expectations as of the
date of this news release (or as of the date they are otherwise
stated to be made) and are subject to change after such date.
However, Air Canada disclaims any intention or obligation to update
or revise any forward-looking statements whether because of new
information, future events or otherwise, except as required under
applicable securities regulations.
About Air Canada
Air Canada is Canada's largest airline, the country's flag
carrier and a founding member of Star
Alliance, the world's most comprehensive air transportation
network celebrating its 25thanniversary in 2022. Air
Canada provides scheduled
passenger service directly to 51 airports in Canada, 51 in the
United States and 86 internationally. It is the only
international network carrier in North
America to receive a Four-Star ranking from Skytrax, which
in 2021 gave Air Canada awards for the Best Airline Staff in
North America, Best Airline Staff
in Canada, Best Business Class
Lounge in North America, and an
excellence award for managing COVID-19. Through its leading
travel loyalty Aeroplan program, Air Canada offers the ability to
earn or redeem points on the world's largest airline partner
network of 45 airlines, plus through an extensive range of
merchandise, hotel and car rental rewards. Its freight division,
Air Canada Cargo, provides air freight lift and connectivity to
hundreds of destinations across six continents using Air Canada's
passenger flights and cargo-only flights with its fleet of Boeing
767-300 freighters. Air Canada has
committed to a net zero emissions goal from all global operations
by 2050.
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