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Air Canada concludes revolving credit line with CIBC for $100 million

Dec. 31, 2008, Montreal - Air Canada today announced that it has concluded a secured revolving credit facility with the Canadian Imperial Bank of Commerce (CIBC).


December 31, 2008
By Carey Fredericks

Dec. 31, 2008, Montreal – Air Canada today announced that it has concluded a secured revolving credit facility with the Canadian Imperial Bank of Commerce (CIBC) which will provide the airline with up to $100 million of revolving credit for a term of one year.
    
Upon closing today, Air Canada has drawn funding of $50 million from the credit facility. Additional draw downs are subject to certain conditions.
    
This revolving credit facility replaces Air Canada's previous secured syndicated 3-year revolving credit facility and represents an additional step in the implementation of Air Canada's strategy of improving its short-term and longer-term liquidity through both traditional and non-traditional means.