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YVR Issues $200 Million of Series F Debentures

Today, Vancouver Airport Authority announced that it closed a private placement of C$200 million aggregate principal amount of 3.857% Series F senior unsecured debentures due November 2045. 

“The low coupon rate is the result of the favorable interest rate environment in Canada and Vancouver Airport Authority’s reputation as a strong financial steward,” said Glenn McCoy, Senior Vice President, Strategy and Chief Financial Officer. “The 3.857% rate on the debentures represents the lowest issued rate by any Canadian airport with a 30-year term and I’m happy to report that Standard & Poor’s Rating Services confirmed that Vancouver Airport Authority maintains a AA credit rating; the second-highest airport rating in the world.”

The net proceeds from the Series F debenture issuance will be used to refinance Vancouver Airport Authority’s outstanding C$200 million aggregate principal amount of 5.020% Series E debentures due November 13, 2015. 

In addition to the Series F debentures, the Airport Authority has two other outstanding series of debentures, including C$150 million aggregate principal amount of Series B debentures due December 2026 and C$200 million aggregate principal amount of Series D debentures due December 2018. The private placement of the Series F debentures was led by CIBC World Markets as the sole placement agent.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities. 

-YVR-

For further information:
YVR Media Relations: 604.880.9815; 
media_relations@yvr.ca
Twitter: @yvrairport