On May 2, 2007, Ottawa International Airport Authority completed its third capital markets offering of debt securities, selling $200 million of senior secured airport revenue bonds under its Capital Markets Platform. The issuance of the bonds followed an initial offering of airport revenue bonds in May, 2002.
The 10-year bonds carry a 4.733 per cent coupon and are rated A (high) by DBRS, A+ by S&P and A1 by Moody's. The bonds were offered to institutional investors across Canada on a private placement basis by CIBC World Markets and RBC Capital Markets as agents. The proceeds of the bonds are being used to refinance maturing revenue bonds issued in 2002 and to fund capital expenditures under Phase 2 of the Authority's Airport Expansion Plan.
Ottawa International Airport was represented by Gowling Lafleur Henderson LLP with a team that included Guy David, Michael Boehm and Rob Davis (corporate finance, Ottawa) and Carole Chouinard (tax). Kathryn Prud'homme, general counsel of the authority, provided support and direction to the Gowlings team. Other Gowlings corporate finance lawyers provided local counsel or logistical support, including Brett Kagetsu (Vancouver), Brian Mainwaring (Calgary), Pierre Lissoir (Montreal) and Eric Loree (Toronto).
The agents were represented by Davies Ward Phillips & Vineberg LLP, with a team composed of Carol Pennycook and Rosemary Newman (corporate) and Ron Wilson and Chris Anderson (tax).