Transat A.T. Inc.’s $700 Million Loan Financing

BLG represented CEEFC on the deal.

On April 29, 2021, Canada Enterprise Emergency Funding Corporation (CEEFC) announced it will provide financial support to Transat A.T. Inc. (Transat) to protect jobs in Canada’s airline sector.

Transat will receive loan financing through the Large Employer Emergency Financing Facility (“LEEFF”) totaling $700 million. As a condition of the loan agreement, Transat has agreed to provide refunds for all pandemic-related cancellations to eligible customers—$310 million of the total financing will be a repayable loan to finance these refunds. Transat has also committed to maintaining active jobs as well as honouring collective agreements and pension benefits.

Transat A.T. Inc. is a leading integrated international tourism company specializing in holiday travel. 

LEEFF loans provide bridge financing to Canada’s largest employers whose needs during the pandemic are not being met through private market financing. It provides large Canadian employers with access to credit to preserve jobs and continue operations during the pandemic.

The BLG team was led by Howard Silverman (Picture) , that included Frank Callaghan, Christine Mason, Philippe Tardif, Andrew Hodhod, Tyler McNaughton, Charlotte Chien, Chanel Sterie and Krstina Skocic.


Involved fees earner: Frank Callaghan – Borden Ladner Gervais; Charlotte Chien – Borden Ladner Gervais; Andrew Hodhod – Borden Ladner Gervais; Christine Mason – Borden Ladner Gervais; Tyler McNaughton – Borden Ladner Gervais; Howard Silverman – Borden Ladner Gervais; Krstina Skocic – Borden Ladner Gervais; Chanel Sterie – Borden Ladner Gervais; Philippe Tardif – Borden Ladner Gervais;

Law Firms: Borden Ladner Gervais;

Clients: Canada Enterprise Emergency Funding Corporation;

Author: Martina Bellini