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Air Canada parent sets $357 million Aeroplan offering
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Air Canada parent ACE Aviation Holdings Inc plans to sell C$357 million ($353 million) of Aeroplan Income Fund units, further reducing its stake in the loyalty program to 9.9 percent, it said on Wednesday.
ACE, which has been cutting its interest in Air Canada and its subsidiaries for nearly three years, will offer 20.4 million Aeroplan units at C$17.50 each in a secondary offering set to close April 21.
The underwriting syndicate is led by RBC Dominion Securities and CIBC World Markets Inc.
ACE, created in Air Canada´s 2004 restructuring under bankruptcy protection, had been expected to jettison all of its holdings and wind itself up by March.
But a sharp reduction in Air Canada´s stock price and some comments by ACE Chief Executive Robert Milton last February that private equity players might be interested in a deal have complicated matters.
Aeroplan units closed up 39 Canadian cents, or 2 percent, at C$18 on the Toronto Stock Exchange. ACE´s a-series shares slipped 10 Canadian cents to C$21.10.
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