NAV Canada

NAV CANADA recently turned to corporate finance partner Guy David of Gowling, Strathy & Henderson’s Ottawa office to establish a $450,000,000 Medium Term Note (MTN) program and issue an initial $250,000,000 principal amount of Notes, which offering closed on November 25, 1999. Proceeds of the Notes are being applied to repayment of a portion of NAV CANADA’s $1.5 billion syndicated bank facility which was established at the time of the company’s acquisition of the civil air navigation system from Transport Canada in 1996. Assisting on the transaction was Neil Steenberg of Gowlings’ Toronto office and associate Pierre-Paul Henrie of Ottawa. The dealer group, led by RBCDS, was represented by Stikeman, Elliott.