Vancouver Airport Authority (the Authority) completed a private placement of $200 million aggregate principal amount of 3.857 per cent Series F Debentures due 2045. The net proceeds from the placement were used to refinance the Authority’s 5.020 per cent Series E debentures due 2015. The Authority also completed a consent solicitation to amend certain terms of its outstanding 7.425 per cent Series B Debentures due 2026 and 4.424 per cent Series D Debentures due 2018. CIBC World Markets acted as sole agent for the private placement and as solicitation agent for the consent solicitation. The private placement was completed on November 10, 2015 and the consent solicitation was completed on October 5, 2015.
Headquartered in Richmond, British Columbia, Vancouver Airport Authority is a community-based, not-for-profit organization that manages Vancouver International Airport (YVR). Canada’s second busiest airport, YVR served more than 19 million passengers in 2014. Fifty-three airlines serve YVR, connecting people and businesses to more than 110 non-stop destinations worldwide. YVR was voted Best Airport in North America for the sixth consecutive year and Best Airport in the World for its size category of 10-20 million passengers in the 2015 Skytrax World Airport Awards.
Vancouver Airport Authority was represented internally by a legal team consisting of Argiro Kotsalis, Steve Michoulas and Dorothy Wong. McCarthy Tétrault LLP advised Vancouver Airport Authority on the private placement and the consent solicitation with a corporate team consisting of Linda Brown, Jody Aldcorn, Pavan Jawanda and Glynnis Morgan.
Gowling Lafleur Henderson LLP (now Gowling WLG) advised CIBC World Markets on the private placement with a corporate team consisting of Guy David, Catherine Graham, Julien Bourgeois and Radhika Vaidyanathan.