AIR CANADA leaned more heavily on the rampant US convertible bond market than on Canadian equity investors to raise about US$lbn from a dual-tranche equity recap to shore up its liquidity and help it weather the Covid-19 crisis.The latest in a string of rescue financings from the global travel sector, the flagship Canadian carrier took a day of marketing before selling C$500m (US$360m) of common stock in Canada and a US$650m CB convertible into the carrier's TSX-listed common shares. The cross-border marketing effort accommodated the fact that the airline is only listed on the Toronto's TSX, but could still tap the thriving CB market south of the border via a private placement to large US investors.
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