NAV CANADA Negotiates Credit Facility with Banks

NAV CANADA, the private corporation that owns and operates Canada’s air traffic control system, completed the negotiation of a new three-year, $750 million revolving operating and term credit facility with a group of Canadian chartered banks and other financial institutions led by Royal Bank of Canada. The deal closed on February 17, 2003. The facility is secured by NAV CANADA’s Capital Markets Platform Master Trust Indenture, which is the vehicle also used to secure NAV CANADA’s $2.25 billion of public revenue bonds presently outstanding.

Gowling Lafleur Henderson LLP was primary counsel to NAV CANADA, with a team that included Guy David and Riccardo D’Angelo (corporate finance and securities) in Ottawa; assisted by Robert Laughton, Q.C., and Cynthia Elderkin (corporate and trust indenture). The banks were represented by Torys LLP in Toronto, with a team that included Paul Kennedy and Scott Kraag (banking).


Cynthia L. Elderkin Guy David Scott Kraag Robert J. Laughton Riccardo A. D'Angelo