Canada Enterprise Emergency Funding Corporation

Canaccord Genuity acts as Financial Advisor to Canada Enterprise Emergency Funding Corporation with respect to its $3.975 Billion Large Employer Emergency Financing Facilities and its Corresponding Warrants with Air Canada

Canaccord Genuity is pleased to announce that on January 28, 2022, Air Canada repurchased approximately 7.3 million warrants from Canada Enterprise Emergency Funding Corporation (“CEEFC”) that were issued in connection with the $3.975 billion facilities issued under the Large Employer Emergency Financing Facility (“LEEFF”) program in April 2021. On November 19, 2021, Air Canada announced it was withdrawing from its financing agreement with CEEFC and that Air Canada would be repurchasing the warrants issued to CEEFC subject to the terms of the initial transaction funding. Canaccord Genuity acted as financial advisor to CEEFC with respect to its $3.975 billion LEEFF loans and its corresponding warrants with Air Canada.

Air Canada is Canada's largest domestic and international airline, and in 2019 was among the top 20 largest airlines in the world. It is Canada's flag carrier and a founding member of Star Alliance, the world's most comprehensive air transportation network.

CEEFC is a subsidiary of the Canadian Development Investment Corp, a Federal Crown Corporation which has been mandated to implement the Government of Canada’s LEEFF program in cooperation with Innovation, Science and Economic Development Canada and the Department of Finance. LEEFF loans provide bridge financing to Canada's largest employers whose needs during the pandemic are not being met through private market financing. It provides large Canadian employers with access to credit to preserve jobs and continue operations during this challenging period.

The Canaccord Genuity team included Brian Bacal, Brian Hurley and Jeffrey Solomon.