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BRIEF-Transat AT Reachs Deal With Canada To Borrow Up To $700 Million In Additional Liquidity

Published 2021-04-29, 07:50 a/m
© Reuters.

April 29 (Reuters) - Transat AT Inc TRZ.TO :

* TRANSAT AT - REACHED DEAL WITH CANADA GOVERNMENT TO BORROW UP TO $700 MILLION IN ADDITIONAL LIQUIDITY THROUGH LARGE EMPLOYER EMERGENCY FINANCING FACILITY

* TRANSAT AT INC - LOOK FORWARD TO RESUMING OPERATIONS AS SOON AS SAFE TRAVEL IS POSSIBLE AND TRAVEL RESTRICTIONS CAN BE LIFTED

* TRANSAT AT INC - REFUND PROCESS OF TRIPS CANCELLED DUE TO PANDEMIC TO BEGIN IMMEDIATELY

* TRANSAT - IN CONTEXT OF FINANCING ARRANGEMENT, TRANSAT ISSUED A TOTAL OF 13 MILLION WARRANTS FOR PURCHASE OF AN EQUIVALENT NUMBER OF SHARES OF TRANSAT

* TRANSAT AT INC - WARRANTS HAVE AN EXERCISE PRICE OF $4.50 PER SHARE

* TRANSAT AT INC - TRANSAT MADE CERTAIN COMMITMENTS INCLUDING RESTRICTIONS ON DIVIDENDS, STOCK REPURCHASES AND EXECUTIVE COMPENSATION

* TRANSAT AT INC - TRANSAT MADE CERTAIN COMMITMENTS INCLUDING MAINTAINING ACTIVE EMPLOYMENT AT LEVEL OF APRIL 28, 2021

* TRANSAT AT INC - IN ADDITION TO NEW FUNDING, AMOUNTS ALREADY DRAWN ON EXISTING FACILITIES WILL REMAIN IN PLACE & WILL BE EXTENDED FOR TWO YEARS

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