BC Ferries raises $250 million in bond financing

    VICTORIA, March 20 /CNW/ - BC Ferries announced the closing of a
$250 million senior secured bond issue today.
    The private placement bonds, which are rated A (low) Stable by DBRS and
A- Stable by Standard & Poor's, were sold at par to institutional investors
across Canada. The bonds will bear interest at 5.021%, and are due March 20,
    "We are extremely pleased with the response from Canadian investors to
this significant bond offering," said Executive Vice-President and Chief
Financial Officer Rob Clarke. "This important financing facilitates our major
capital renewal program currently underway at BC Ferries."
    The bond syndicate included CIBC World Markets, RBC Capital Markets, BMO
Capital Markets, Scotia Capital Inc., and TD Securities Inc.

    %SEDAR: 00020627E

For further information:

For further information: BC Ferries, Communications, Victoria: (250)

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British Columbia Ferry Services Inc.

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