Air Canada Announces Prepayment of EDC Financed Loans used to Acquire 19 Airbus A220-300 Aircraft
Source: Air Canada Air Canada today announced it has prepaid loans of approximately $650 million from Export Development Corporation (EDC) used by the company to help fund its acquisition of 19 Airbus A220-300 aircraft. The prepayment, which is also subject to accrued interest, was made on June 21, 2023. "One of Air Canada's major financial objectives is to deleverage its balance sheet following the COVID-19 pandemic and prepaying these loans we received for our A220 aircraft is a significant step toward this goal. We appreciate EDC's assistance in purchasing these Canadian-built aircraft, which not only advanced our fleet modernization program to improve our fuel efficiency and competitiveness, but also helped to ensure that the investments Air Canada is making directly support jobs in Canada's aerospace [...]