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Canada : AIR CANADA to finance the PURCHASE of 5 new AIRCRAFTS.

Air Canada will bring new way of financing the purchase of five new Boeing 777 aircraft. The Montreal-based airline has declared private offering of three tranches of better equipment trust certificates (EETC) worth US$714.5 million. The aircraft are scheduled for delivery between June 2013 and February 2014.

The aircraft is configured with 458 seats in economy, premium economy and premium classes. It will be used as collateral. Air Canada uses the largest planes in its fleet on long-haul routes.

Ottawa's approval in December of an aircraft protocol opens the doors effective April 1 to the EETC trust market that has been used by U.S. carriers for nearly 20 years.

Air Canada reports actual results May 3. It expects its quarterly net loss will be about $260 million in comparison to a net loss of $274 million last year. Adjusted for one-time items, Air Canada expects a loss of $143 million in comparison to an adjusted loss of $162 million in the first quarter of 2012.

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Publication:Mena Report
Date:Apr 30, 2013
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