NAV CANADA issues General Obligation Notes
/“NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. WIRE SERVICES”/
(Ottawa, February 24, 2016) - NAV CANADA (the Company) announced today that it has completed an issue of $250 million 30-year General Obligation Notes (the Notes). The Notes bear interest at the rate of 3.534 per cent per annum. After considering issue costs and the settlement of forward dated interest rate swaps that the Company had entered into in June of 2012 to hedge interest costs related to this issue, the effective interest rate to the Company will be approximately 4.896 per cent.
The proceeds of the Notes were used to repay a portion of the Company's $450 million Series MTN 2006-1 General Obligation Notes which matured on February 24, 2016. The remainder of the 2006-1 maturity was repaid with available cash.
NAV CANADA is the country’s private sector civil air navigation service provider. With operations from coast to 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 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.
For further information, please contact:
Director, Government and Public Affairs
National Manager, Media Relations
Media Information Line: 1-888-562-8226