Business
Transat secures $100 million in additional funding
Transat secures $100 million in additional funding Canada NewsWire Ma...
About this update from Transat A.t. Inc.
[{"type":"text","content":"\n \n \n \n Transat secures $100 million in additional funding\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.prnsbbb1{\nBORDER-BOTTOM:black 1pt\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnsblb1{\nBORDER-LEFT:black 1pt\n}\n.prnsbtb1{\nBORDER-TOP:black 1pt\n}\n.prnpr2{\nPADDING-RIGHT:0.17em\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n.prnrbrb1{\nBORDER-RIGHT:black 1pt\n}\n.prnpl2{\nPADDING-LEFT:0.17em\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Maturity dates for debts totalling\n \n $198 million\n \n are deferred from April 2023 to\n \n April 2024\n \n \n \n \n \n MONTRÉAL\n \n ,\n \n \n July 29, 2022\n \n \n /CNW Telbec/ - Transat A.T. Inc. (\"\n \n Transat\n \n \" or the \"\n \n Corporation\n \n \") announced today that it has reached an agreement with Canada Enterprise Emergency Funding Corporation (\"CEEFC\"), a federal Crown corporation, to obtain\n \n $100 million\n \n in additional liquidity. In connection with the establishment of such additional funding, through the Large Employer Emergency Financing Facility (LEEFF), Transat has reached an agreement with all lenders to defer the\n \n April 2023\n \n maturities to\n \n April 2024\n \n , as well as to defer from\n \n October 2022\n \n to\n \n October 2023\n \n the date by which the Corporation must meet certain financial covenants.\n \n \n Such liquidity is in addition to initial financing secured on\n \n April 29, 2021\n \n , through LEEFF to help the Corporation overcome the effects of the pandemic. On\n \n March 10, 2022\n \n , Transat also received an additional\n \n $43.3 million\n \n for traveller refunds and negotiated favourable 20-month deferrals for certain key terms of the unsecured LEEFF financing agreement.\n \n \n As stated by Annick Guérard, President and CEO, \"This complementary financing and the changes to the existing agreements strengthen our treasury position and rei...