NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. WIRE SERVICES
OTTAWA, May 29, 2020 (GLOBE NEWSWIRE) -- NAV CANADA (the Company) announced today that it has completed an issue of $850 million of general obligation notes in two series on a private placement basis pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws (the Offering). The Offering included (i) $550 million aggregate principal amount of Series 2020-1 general obligation notes bearing interest at the rate of 2.924 per cent per annum and maturing on September 29, 2051 and (ii) $300 million aggregate principal amount of Series 2020-2 general obligation notes bearing interest at the rate of 2.063 per cent per annum and maturing on May 29, 2030.
The net proceeds of the Offering will be used for general corporate purposes, including the repayment of borrowings under the Company's bank credit facilities or other borrowings.
About NAV CANADA
NAV CANADA is a private, not-for-profit company, established in 1996, providing air traffic control, airport advisory services, weather briefings and aeronautical information services for more than 18 million square kilometres of Canadian domestic and international airspace.
The Company is internationally recognized for its safety record, and technology innovation. Air traffic management systems developed by NAV CANADA are used by air navigation service providers in countries worldwide.
For further information, please contact:
Brian Boudreau
Manager, Media Relations
613-563-7303
Media Information Line: 1-888-562-8226
This news release does not constitute an offer to sell the Notes in the United States. The Notes have not been and will not be registered under U.S. securities laws and may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from such registration.