OTTAWA, April 15 /CNW Telbec/ - NAV CANADA has agreed to sell new issues
of $350 million 10-year General Obligation Notes and $250 million of 3-year
General Obligation Notes. The 10-year notes bear interest at the rate of 5.304
per cent per annum, and the 3-year notes bear interest at the rate of 3.434
per cent per annum. Closing is scheduled to occur on April 17, 2009.
The proceeds of the notes will be applied to the refinancing of the
Company's $250 million Series MT 1-1 Medium Term Notes that will mature on
June 1, 2009, to repay bank debt of $185 million, with the balance to be used
for general corporate purposes.
NAV CANADA, the country's civil air navigation services provider, is a
private sector, non-share capital corporation financed through publicly-traded
debt. With operations coast to coast, NAV CANADA provides air traffic control,
flight information, weather briefings, aeronautical information services,
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 update any forward-looking
statements except as required by applicable securities legislation.
For further information:
For further information: John Morris, Director, Communications, (613)
563-7032; Ron Singer, Manager, Media Relations, (613) 563-7303; Nadège Adam,
Advisor, Media and Public Affairs, (613) 563-5972; Media Information Line: