This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Air Canada Announces Termination Of Tender Offers And Consent Solicitations

MONTREAL, June 27, 2013 /PRNewswire/ - Air Canada announced today that it has terminated its previously announced cash tender offers (the "Offers") and related consent solicitations (the "Consent Solicitations") with respect to its 9.250% Senior Secured Notes due 2015, its 10.125% Senior Secured Notes due 2015, and its 12.000% Senior Second Lien Notes due 2016 (collectively, the "Notes"), which were being made pursuant to Air Canada's Offers to Purchase and Consent Solicitations Statement and related Letters of Transmittal and Consent, each dated June 14, 2013.

"The Offers were subject to a financing condition. The recent volatility in the debt and capital markets which has interfered with the immediate financing plans of many companies, including Air Canada was such that available terms were no longer attractive to us.  However, the strength of our balance sheet and our business overall, and the fact that the Notes do not mature until August 2015 and February 2016, provides us flexibility to take advantage of a more opportune time to refinance the Notes," commented Michael Rousseau, Executive Vice President and Chief Financial Officer of Air Canada.

As a result of the termination, none of the Notes that have been tendered in the Offers will be accepted for purchase and no consideration will be paid or become payable to holders of Notes who have tendered their Notes in the Offers.  All Notes previously tendered and not withdrawn will be promptly returned or credited back to their respective holders.  All consents previously delivered and not revoked will be of no effect, and the indentures governing the Notes will remain in their present form, unamended.

This announcement confirms the formal termination of the Offers and Consent Solicitations. The Company reserves the right to commence a new tender offer, or to otherwise redeem or repurchase some or all of the outstanding Notes, at a later date but is under no obligation to do so.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,057.29 -41.16 -0.24%
S&P 500 1,999.46 -3.91 -0.20%
NASDAQ 4,589.4490 +9.1780 0.20%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs