Latest news with #TransatATInc
Toronto Star
3 days ago
- Business
- Toronto Star
Transat shares leap after restructure of hefty pandemic debt
MONTREAL - Transat AT Inc. shares jumped 14 per cent in mid-afternoon trading Thursday after the travel company announced major restructuring of pandemic-era debt. The Montreal-based company, which owns Air Transat, says it has cut its outstanding debt with a federal Crown corporation by more than half to $334 million as part of the agreement.
Yahoo
3 days ago
- Business
- Yahoo
Transat shares leap after restructure of hefty pandemic debt
MONTREAL — Transat AT Inc. shares jumped 14 per cent in mid-afternoon trading Thursday after the travel company announced major restructuring of pandemic-era debt. The Montreal-based company, which owns Air Transat, says it has cut its outstanding debt with a federal Crown corporation by more than half to $334 million as part of the agreement. Transat says it will pay off $41.4 million in cash, consolidate part of its credit into a single $175-million facility and issue a $158.8-million debenture to a Canada Development Investment Corp. subsidiary. Transat will also issue the federal entity $16.3 million in shares for a 19.9 per cent stake in the company under a debt-for-equity swap. ATB Capital Markets analyst Chris Murray says the debt restructure comes on "highly favourable terms" for Transat, given the red ink on its balance sheet. Transat was one of several airline outfits to take advantage of federal aid packages during the COVID-19 pandemic, which saw border closures and health restrictions wreak havoc on carrier earnings. The deal remains subject to definitive agreements being carried out and documents putting the transaction into effect. This report by The Canadian Press was first published June 5, 2025. Companies in this story: (TSX:TRZ) The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Winnipeg Free Press
3 days ago
- Business
- Winnipeg Free Press
Transat shares leap after restructure of hefty pandemic debt
MONTREAL – Transat AT Inc. shares jumped 14 per cent in mid-afternoon trading Thursday after the travel company announced major restructuring of pandemic-era debt. The Montreal-based company, which owns Air Transat, says it has cut its outstanding debt with a federal Crown corporation by more than half to $334 million as part of the agreement. Transat says it will pay off $41.4 million in cash, consolidate part of its credit into a single $175-million facility and issue a $158.8-million debenture to a Canada Development Investment Corp. subsidiary. Transat will also issue the federal entity $16.3 million in shares for a 19.9 per cent stake in the company under a debt-for-equity swap. ATB Capital Markets analyst Chris Murray says the debt restructure comes on 'highly favourable terms' for Transat, given the red ink on its balance sheet. Transat was one of several airline outfits to take advantage of federal aid packages during the COVID-19 pandemic, which saw border closures and health restrictions wreak havoc on carrier earnings. The deal remains subject to definitive agreements being carried out and documents putting the transaction into effect. Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published June 5, 2025. Companies in this story: (TSX:TRZ)
