NAV CANADA issues general obligation notes

OTTAWA, Feb. 15 /CNW/ - NAV CANADA has agreed to sell a new issue of $250 million 10-year General Obligation Notes. The notes bear interest at the rate of 4.397 per cent per annum. After considering issue costs and the proceeds from a bond forward transaction that the Company had entered into to hedge interest costs related to this issue, the effective interest rate to the Company will be approximately 3.9 per cent. Closing is scheduled to occur on February 18, 2011.

The proceeds of the notes will be used to repay the Company's $250 million Series MTN 2006-2 Medium Term Notes that will mature on February 24, 2011.  

NAV CANADA, the country's provider of civil air navigation services, is a private sector, non-share capital corporation with operations from coast to coast to coast providing air traffic control, flight information, weather briefings, aeronautical information, airport advisory services and electronic aids to navigation.

This press release contains certain forward-looking statements that are subject to important risks and uncertainties.  Actual results may differ materially from the results indicated in these statements for a number of reasons.  NAV CANADA disclaims any intention to updated any forward-looking statements.

SOURCE NAV CANADA

For further information:

John Morris       Ron Singer
Director, Communications    Manager, Media Relations
(613) 563-7032     (613) 563-7303

Media Information Line:  1-888-562-8226
www.navcanada.ca 

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NAV CANADA

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