On July 23, 2020, the Greater Toronto Airports Authority (GTAA) successfully completed its $6.9 bondholder consent solicitation. The solicitation saw 94.55% of bondholders support an amendment to the Indenture governing the GTAA’s capital markets and bank indebtedness which temporarily relieves the GTAA from complying with certain rate covenants under the Indenture for fiscal 2020 and 2021. The amendment was sought in light of the significant decline in passenger and related activity at Toronto Pearson as a result of the COVID-19 pandemic.
The GTAA is the operator of Toronto Pearson International Airport, Canada’s largest airport facility in terms of total passenger traffic and North America’s second largest airport by international traffic.
Osler, Hoskin & Harcourt LLP advised the Greater Toronto Airports Authority with a team consisting of John Macfarlane, Sandra Malcolm, Deron Fung (Corporate), Timothy Hughes (Tax) and Britt Sargeant (Financial Services).