Groupe Aeroplan gets C$650 million credit facility via RBC and TD

By Sara Rosenberg

New York, June 12 - Groupe Aeroplan Inc. closed on a new C$650 million secured credit facility, according to a news release.

RBC Capital Markets and TD Securities acted as the co-lead arrangers on the deal.

The facility consists of a C$100 million bridge loan due on June 19, 2010, a C$300 million term loan due on April 23, 2012 and a C$250 million revolver due on April 23, 2012.

Pricing on the facility can range from Libor plus 275 basis points to 525 bps based on credit ratings. Initial pricing is Libor plus 375 bps.

The facility contains a debt service ratio covenant of 2.0 to 1.0.

Of the total facility, C$500 million is currently drawn and C$150 million is committed and available.

Groupe Aeroplan Inc. is a Montreal-based loyalty management corporation.

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