Air Canada (TSX:AC) (the “Company”) announced today that, in connection with its previously announced overnight marketed public offering of of 35,420,000 Class A Variable Voting Shares and/or Class B Voting Shares of the Company (“Shares”) completed on December 30, 2020 (the “Offering”), the underwriters exercised their over-allotment option to purchase an additional 2,587,000 Shares at a price of C$24.00 per Share. The sale of these additional Shares was completed today and brings the aggregate gross proceeds from the Offering to approximately C$912 million.
TD Securities Inc., J.P. Morgan Securities Canada Inc., Citigroup Global Markets Canada Inc. and Morgan Stanley Canada Limited are acting as active joint book-running managers for the Offering.
The Company is using the net proceeds from the Offering to supplement the Company's working capital and for other general corporate purposes. The net proceeds from the Offering also serve to increase Air Canada's cash position, thereby allowing for additional flexibility both from an operational standpoint and in the implementation of its planned mitigation and recovery measures in response to the COVID-19 pandemic.