On August 3, 2010, Air Canada closed a three-tranche offering of debt securities for total proceeds of approximately US$1.1 billion. The offering consists of US$600 million of first-lien secured notes, CDN$300 million of Canadian dollar-denominated first-lien secured notes and US$200 million of second-lien secured notes. Cravath represented the initial purchasers, led by J.P. Morgan Securities and TD Securities, in connection with this transaction.
The Cravath team included partner Eric L. Schiele, senior attorney Mile T. Kurta and associates Johnny G. Skumpija, Elizabeth R. Gottshall and Michael A. Coyne on corporate matters.