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PR Newswire, London, March 9. This press release is transmitted on behalf of Air Canada.

Montreal, Canada -

Air Canada today announced that it has entered into an agreement with a group of purchasers for the sale of US Dollars 300 million and 100 million Euros aggregate principal amount of its 10.25 per cent senior notes due March 15, 2011. The US dollar notes and the Euro notes are being sold on a private placement basis in the United States pursuant to Rule 144A under the US Securities Act of 1933, as amended (the "Securities Act"). The US dollar notes and the Euro notes are also being sold on a private placement basis outside the United States. The closing of the placement is expected to take place on or about March 15, 2001.

The senior notes are being offered at a price of 98.475 per cent of par and will result in estimated net proceeds to the Company of US dlrs 378 million. The net proceeds of this offering will be used to refinance existing debt.

These senior notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Air Canada is Canada's premier domestic and international full-service airline and provides world-wide passenger air transportation. The Company's common shares are listed on The Toronto Stock Exchange - trading symbols AC and AC.A, and on the Nasdaq National Market - trading symbol ACNAF.

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Publication:PR Newswire
Date:Mar 9, 2001
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