The Calgary Airport Authority completes largest ever inaugural bond offering by a Canadian issuer

On October 7, 2021, The Calgary Airport Authority completed its inaugural bond offering, raising $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 transaction costs, and for general corporate purposes. 

The issuance was significantly oversubscribed with over $9 billion in orders, attracting the largest total order books of a bond offering ever in Canada. It was also the largest inaugural bond offering by a Canadian issuer, demonstrating investor belief in the strategy and future of YYC Calgary International Airport. 

The joint leads and joint bookrunners on the issuance were CIBC World Markets Inc., RBC Dominion Securities Inc., and Scotia Capital Inc. and the co-agents were BMO Nesbitt Burns Inc., and TD Securities Inc. 

Gowling WLG advised the agents with respect to this offering with a team that included Bryce Kraeker, Radhika Vaidyanathan and Lee Sykes (corporate/securities) and Sunil Joneja and Reagan Chornoboy (financial services).