Air Canada Announces Closing Of Private Placement Of Senior Notes

15th Mar 2001

Air Canada today announced that it has
completed the previously announced sale of US$300 million and
euros 100 million aggregate principal amount of its 10.25% senior notes due
March 15, 2011. The U.S. Dollar notes and the Euro notes were sold on a
private placement basis in the United States pursuant to Rule 144A under the
U.S. Securities Act of 1933, as amended (the “Securities Act”). The U.S.
Dollar notes and the Euro notes were also sold on a private placement basis
outside the United States.

The senior notes were sold at a price of 98.475% of par and resulted in
estimated net proceeds to the Company of US$378 million. The net proceeds of
this offering will be used to refinance existing debt.

These senior notes have not been registered under the Securities Act and
may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.

Air Canada is Canada`s premier domestic and international full-service
airline and provides worldwide passenger air transportation. The Company`s
common shares are listed on The Toronto Stock Exchange - trading symbols AC
and AC.A, and on the Nasdaq National Market - trading symbol ACNAF.




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