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Vancouver Airport Authority / L'Administration de l’aéroport de Vancouver Issues $600 Million of Debentures

Vancouver Airport Authority / L'Administration de l’aéroport de Vancouver is pleased to announce that it has closed a private placement of C$600 million aggregate principal amount of unsecured debentures, representing the lowest 10 and 30-year term rate by any Canadian airport, with $250 million of 1.76% Series I debentures due September 20, 2030, and $350 million of 2.80% Series J debentures due September 21, 2050. The net proceeds from both series of the debenture issuance will be used for general corporate purposes, which may include the Airport Authority’s capital program.

“We continue to take the necessary steps to ensure YVR offers a safe and efficient airport experience for those who need to fly while also being prepared for the recovery,” said Tamara Vrooman, President & CEO of Vancouver Airport Authority / L'Administration de l’aéroport de Vancouver. “This latest debenture issuance will ensure we can focus our efforts on returning YVR to expanded service levels in a safe and efficient manner and get back to generating revenue, supporting local businesses and the region.”

In addition to the Series I and J debentures, Vancouver Airport Authority / L'Administration de l’aéroport de Vancouver has four other outstanding debentures series including C$150 million aggregate principal amount of Series B debentures due December 2026, C$200 million aggregate principal amount of Series F debentures due November 2045, C$250 million aggregate principal amount of Series G debentures due November 2048 and $300 million aggregate principal amount of Series H debentures due October 2049. The private placement of the Series I and J debentures was led by CIBC World Markets and RBC Capital Markets and BMO Capital Markets as agents.

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

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