Aéroports de Montréal announces $400 million bond issue

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Aéroports de Montréal announces $400 million bond issue

ADM Aéroports de Montréal aims to raise capital of $400 million

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  • ADM has set up an action plan over the upcoming 12 to 18 months
  • ADM to use net proceeds to fund general corporate activities and its capital investment program
  • COVID-19 pandemic and limited air travel will continue to have significant impact on ADM’s finances

ADM Aéroports de Montréal announced today that it has issued a new series of revenue bonds to raise total capital of $400 million. The net proceeds from the sale of the bonds will be used to fund ADM’s general corporate activities and its capital investment program. The COVID-19 pandemic and the measures put in place to limit air travel across the world will continue to have a significant impact on ADM’s finances.

“With the help of our exceptional teams, ADM Aéroports de Montréal has set up an action plan over the upcoming 12 to 18 months, which focuses on safety as well as maintaining airport operations on our two sites, while laying out the foundations for a sustainable recovery. This bond issuance will allow us to carry out our action plan and invest in essential projects to maintain the integrity of our assets, for the benefit of the community” indicated Philippe Rainville, President and CEO of ADM.

Broadly distributed to institutional bond investors, the issue consists of $400 million of Series S Revenue Bonds bearing interest at 3.441% and maturing in April 2051. CIBC Capital Markets and National Bank Financial Markets acted as joint lead dealers and joint bookrunners, RBC Capital Markets acted as joint lead dealer and the syndicate also included Desjardins Securities Inc., BMO Capital Markets and HSBC Securities (Canada) Inc.

ADM Aéroports de Montréal is the airport authority for the Greater Montréal area responsible for the management, operation and development of YUL Montréal-Trudeau International Airport, certified 4-stars under the Skytrax World Airport Star Rating program, and YMX International Aerocity of Mirabel.

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