Air Canada Completes Boeing 737 MAX 8 Sale and Leaseback Transactions

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Air Canada has completed sale and leaseback
transactions for three Boeing 737 MAX 8 aircraft with Jackson
Square Aviation and six Boeing 737 MAX 8 aircraft with Avolon
Aerospace Leasing Limited for total proceeds of US$365 million
(C$485 million) and long-term lease commitments of US$345 million
(C$458 million).

The nine aircraft were delivered to Air
Canada over the past three years.

“Since the start of the COVID-19 crisis, Air
Canada has accessed financial markets numerous times and has
successfully raised almost $6.0 billion in liquidity, on
reasonable terms and conditions, including with this transaction,
as it continues to maintain liquidity levels to mitigate the
challenges and uncertainty ahead. We are very pleased to be
extending our strong relationship with Avolon and beginning a new
relationship with Jackson Square Aviation,” said Michael Rousseau,
Deputy Chief Executive Officer and Chief Financial Officer of Air
Canada.


Since the start of the COVID-19 pandemic in the
first quarter of 2020, Air Canada has raised almost $6.0 billion
in liquidity. Additionally, it recently completed two long term
financings to replace $1.4 billion in short-term debt coming due
within the next nine months.

Air Canada is utilizing the net proceeds from
these transactions to supplement its working capital and for other
general corporate purposes. The net proceeds from the transactions
will serve to increase Air Canada’s cash position, thereby
allowing for additional flexibility in the implementation of
mitigation and recovery measures in response to the COVID-19
pandemic.

Air Canada will update the amount remaining in its
unencumbered asset pool as part of its third quarter 2020
financial reporting process. Air Canada will continue to explore
financing arrangements as additional liquidity may be required or
to refinance existing debt to push out maturities.

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