YVR Issues $300 Million of Series H Debentures

Vancouver Airport Authority is pleased to announce that it has closed a private placement of C$300 million aggregate principal amount of 2.874% Series H unsecured debentures due October 2049.

“The successful sale of our Series H debentures reflects the strength of YVR’s unique community-based, not-for-profit operating model,” said Diana Vuong, YVR’s Vice President, Finance and Chief Financial Officer. “The 2.874% rate is the lowest issued rate by Vancouver Airport Authority with a 30-year term and I am happy to report that both Standard & Poor’s and DBRS have confirmed our rating at AA and AA (low), respectively. Our AA credit rating is the second-highest airport rating in the world.”

The net proceeds from the Series H debenture issuance will be used for general corporate purposes, which may include the Airport Authority’s capital program.

In addition to the Series H debentures, Vancouver Airport Authority has three other outstanding debentures series including C$150 million aggregate principal amount of Series B debentures due December 2026, C$200 million aggregate principal amount of Series F debentures due November 2045 and C$250 million aggregate principal amount of Series G debentures due November 2048. The private placement of the Series H debentures was led by CIBC World Markets and RBC Capital Markets and BMO Capital Markets as agents.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities.