Air Canada purchases convertible notes

On December 20 Air Canada publicised the final results of its November 14 cash tender offer. The offer, which expired on December 19, was to purchase for cancellation up to US$300 million aggregate principal amount of its outstanding 4.000% convertible senior notes due July 1, 2025. The Canadian flag carrier said on December 20 that an aggregate of just over US$266 million principal amount of notes was validly deposited under the offer and not withdrawn ahead of the expiry date. Investment bank analysts at Cowen said the following day that though the result came in short of what was aimed