On May 20, 2021, Edmonton Regional Airports Authority ("ERAA") closed an issue of $200 million of Amortizing Revenue Bonds, Series D via private placement.
The bonds were issued at a fixed annual interest rate of 3.715 per cent payable semi-annually and are due on May 20, 2051. Standard & Poor's Rating Services assigned an A (negative) rating to the bonds. Moody's assigned an A2 (stable) rating.
Net proceeds from the bond offering will be used to pay down amounts outstanding under ERAA's credit facility, fund the required deposit into the Debt Service Reserve Fund, finance select capital expenditures and for general corporate and liquidity purposes.
RBC Capital Markets acted as ERAA's exclusive agent for the bond issue.
Gowling WLG advised RBC Capital Markets in this financing with a team that included Bryce Kraeker, Radhika Vaidyanathan and Lee Sykes.
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