Vancouver Airport Authority / L'Administration de l’aéroport de Vancouver is pleased to announce that it has closed a private placement of C$250 million aggregate principal amount of 3.656% Series G unsecured debentures due November 2048.
“The successful sale of our Series G debentures reflects the strength of YVR’s unique community focused and financially independent governance model,” said Diana Vuong, YVR’s Vice President, Finance and Chief Financial Officer. “The 3.656% rate on the debentures represents the lowest issued rate by Vancouver Airport Authority / L'Administration de l’aéroport de Vancouver with a 30-year term and I am happy to report that both Standard & Poor’s and DBRS have confirmed our rating at AA and AA (low), respectively. Our AA credit rating is the second-highest airport rating in the world.”
The net proceeds from the Series G debenture issuance will be used to refinance Vancouver Airport Authority / L'Administration de l’aéroport de Vancouver’s outstanding C$200 million aggregate principal amount of 4.424% Series D debentures due December 7, 2018 and for general corporate purposes.
In addition to the Series G debentures, the Airport Authority has two other outstanding debentures series, including C$150 million aggregate principal amount of Series B debentures due December 2026 and C$200 million aggregate principal amount of Series F debentures due November 2045. The private placement of the Series G 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.