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Transat A.T. Inc. Announces Redemption of Series 4 Preferred Shares and Partial Repayment of LEEFF Debt
Transat A.T. Inc. Announces Redemption of Series 4 Preferred Shares and Partial Repayment of LEEF...
About this update from Transat A.t. Inc.
[{"type":"text","content":"Transat A.T. Inc. Announces Redemption of Series 4 Preferred Shares and Partial Repayment of LEEFF Debt\n\n\n\n Transat A.T. Inc. Announces Redemption of Series 4 Preferred Shares and Partial Repayment of LEEFF Debt\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n MONTREAL\n \n\n ,\n \n\n Aug. 14, 2025\n \n\n /CNW/ - Transat A.T. Inc. (\"Transat\" or the \"Corporation\") announced today that it has committed an amount of\n \n $30,000,000\n \n in proceeds received from the engine sale and lease back transaction announced on August 7, 2025 to the repayment of indebtedness incurred by Transat under the Large Employer Emergency Funding Facility (\"LEEFF\") program managed by Canada Enterprise Emergency Funding Corporation (\"CEEFC\"), a wholly owned subsidiary of Canada Development Investment Corporation (\"CDEV\"), and restructured on July 10, 2025 further to the terms of an agreement announced on June 5, 2025. As mentioned in our press release of June 5, the\n \n $30,000,000\n \n will be made available by CEEFC to Transat in the form of working capital advances.\n \n\n Pursuant to the terms governing the LEEFF indebtedness, CEEFC has exercised its right to require Transat to apply\n \n $16,264,955\n \n to redeem 6,243,026 Series 4 Preferred Shares held by CEEFC (the \"Preferred Shares\") at a redemption price of\n \n $2.6053\n \n per Series 4 Preferred Share and\n \n $13,735,045\n \n to repay a portion of the principal amount of the\n \n $158,735,045\n \n debenture held by CEEFC (the \"Debenture\"). Following such redemption of Preferred Shares and partial repayment of the Debenture, an aggregate of 3,691,591 Preferred Shares and\n \n $145,000,000\n \n principal amount of Debenture remain outstanding and held by CEEFC. The\n \n $175,000,000\n \n credit facility of the Corporation with CEEFC remains unaffected by the foregoing transactions.\n \n\n\n More on the Preferred Shares\n \n\n\n The Preferred Shares are convertible at any time into Class B voting shares of Transat on a one-for-one basis. Pri...