ACDVF - Tour operator Transat to get $700M loan from Canadian government

Travel operator Transat (TRZBF) said it reached an agreement with the Canadian government to borrow up to $700M.The funds will come from Canada's program called the Large Employer Emergency Financing Facility (LEEFF), according to a statement."The agreement reached with the Government of Canada provides us with an additional $700 million in liquidity, which is the amount we needed to move forward with confidence,"  Jean-Marc Eustache, Transat President and Chief Executive Officer said in the statement. Transat said the refund process of trips cancelled due to the pandemic will begin immediately. The company said that $390M of the funds will be used to support Transat's business, while $310M is to provide reimbursement to travelers.In connection with the financing plan, Transat issued the government 13M warrants for the purchase of Transat shares at an exercise price of $4.50 per share.The financing comes after Air Canada's (ACDVF) planned acquisition of Transat was called off earlier this month after European

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Tour operator Transat to get $700M loan from Canadian government