Ottawa Macdonald-Cartier International Airport Authority completes $100 million bond financing

On May 5, 2021, Ottawa Macdonald-Cartier International Airport Authority ("OMCIAA") closed an issue of $100 million Revenue Bonds, Series F, via a private placement, with CIBC World Markets Inc. acting as sole agent. 

The 10-year bonds were issued at a rate of 2.698% per annum with interest payable in semi-annual instalments in arrears until maturity on May 5, 2031. Standard & Poor's Rating Services assigned an A (negative) rating to the bonds. Moody's assigned an Aa3 (negative) rating. 

The net proceeds of the offering will be used for purposes of managing, operating and maintaining the Ottawa Macdonald-Cartier International Airport, including payment of the costs of issuance of the Series F Bonds; funding the Debt Service Reserve Fund and the Operating and Maintenance Reserve Fund, if satisfied by a cash deposit; repaying indebtedness owing by OMCIAA under its bank credit facilities[, and financing capital expenditures and for general corporate purposes.

Gowling WLG advised CIBC World Markets in this financing with a team that included Guy David, Radhika Vaidyanathan and Lee Sykes.