Export Development Canada and lending syndicate extend $700 million term credit facility to Air Canada

On July 29, 2009, Air Canada entered into a financing agreement with Export Development Canada, GE Canada Finance Holding Company, Aeroplan Canada Inc., and ACE Aviation Holdings Inc. as lenders. The secured financing extends a term credit facility of up to $700 million on commercial terms to Air Canada for the purpose of refinancing certain debt and to provide funding for working capital and other general corporate purposes.

Export Development Canada was represented by its senior legal advisors, Norman Bayne and Caroline Melia, assisted by a team from Fasken Martineau that included David Lemieux, Jon Holmstrom and Félix Gutierrez.