(Ottawa, May 24, 2002) –– Ottawa Macdonald-Cartier International Airport Authority has completed today the final component of financing for its Airport Expansion Program, with the closing of a $270 million private placement of airport revenue bonds sold to institutional investors in Canada.

The bonds were issued by the Airport Authority in two series: $120 million of 5.64% five-year bonds due May 25, 2007 and $150 million of 6.973% 30-year amortizing bonds due May 25, 2032.

The bond issue was underwritten by RBC Capital Markets and CIBC World Markets and is rated A+ by Standard & Poors, A1 by Moody’s Investors Service and A (high) by Dominion Bond Rating Service.

Ottawa International Airport is Canada's 6th busiest airport in terms of passenger volume. It serves a catchment area considered to be Canada's fourth largest in terms of population. Its 40-year old terminal building was last expanded in 1987. Since that time, passenger traffic has increased over 40%. The Airport Expansion Program is intended to ensure that the airport can meet the demands of air carriers and the travelling public for at least the next 20 years. Ottawa International Airport Authority operates Ottawa International Airport without government subsidies under a 60-year lease transfer agreement with Transport Canada. The Authority’s mandate is to manage, operate and develop Airport facilities and lands in support of the economic growth of the National Capital Region.

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For additional information, please contact:
Laurent Benoit, (613) 248-2050
Director of Communications