OTTAWA INTERNATIONAL AIRPORT BOND OFFERING FULLY SUBSCRIBED
May 2, 2007 (Ottawa) - Ottawa Macdonald-Cartier International Airport Authority has completed the final component of financing for its Phase II of the Airport Expansion Program, with the closing of $200 million of its Series D Airport Revenue Bonds to institutional investors in Canada.
The $200 million bonds will bear interest at 4.733 % per annum and will have a term of ten years. One hundred twenty million dollars of the proceeds are earmarked for refinancing of existing revenue bonds maturing on May 25, 2007, with the remaining $80 million to be used to provide long-term financing for Phase II of the Authority's Airport Expansion Program.
OMCIAA operates Ottawa International Airport without government subsidies under a 60-year lease transfer agreement with Transport Canada. The OMCIAA’s mandate is to manage, operate and develop airport facilities and lands in support of the economic growth of the National Capital Region. Its state-of-the-art passenger terminal building opened for business on October 12, 2003, and is being expanded to accommodate growth in passenger volumes.