Welcome to our dedicated page for Air Canada news (Ticker: ACDVF), a resource for investors and traders seeking the latest updates and insights on Air Canada stock.
Air Canada reports developments tied to its role as Canada's largest airline, the country's flag carrier and a founding member of Star Alliance. Company news centers on airline operating revenues, adjusted EBITDA, capacity, load factors, adjusted CASM, leverage, free cash flow and operational metrics such as on-time performance.
Recurring updates also cover Air Canada's scheduled passenger network across Canada, the United States and international markets on six continents, along with related businesses including Aeroplan, Air Canada Vacations and Air Canada Cargo. Corporate news includes investor-day strategy, fleet and network growth plans, customer demand, labor and operating conditions, and capital actions such as normal course issuer bids and substantial issuer bids.
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Air Canada's Aeroplan and Parkland Corporation have announced a new loyalty partnership set to launch in Fall 2023. This partnership will allow Aeroplan and JOURNIE™ Rewards members to link their accounts, enhancing their ability to earn and redeem points across various Canadian fuel and convenience store brands, including Chevron, Ultramar, and Pioneer.
The initiative aims to offer broader earning and redemption opportunities while introducing EV charging rewards. Parkland's strategic move aligns with its customer engagement goals and will integrate with its existing JOURNIE™ Rewards program.
Details about the partnership will be disclosed leading up to the launch, emphasizing increased choice and value for customers across Canada.
Air Canada and United Airlines announced an increase in summer capacity by over 20%, introducing new non-stop flights between Washington-Dulles and Calgary as well as Vancouver. Effective June 1 and June 2, these flights aim to enhance connectivity and schedule flexibility for customers. The carriers will operate more than 260 daily transborder flights, optimizing schedules with significant benefits for frequent travelers, including access to loyalty program perks. This development builds on their joint business agreement announced in July 2022.
On December 20, 2022, Air Canada announced the completion of its cash tender offer for up to US$300 million of its 4.000% Convertible Senior Notes due July 1, 2025. The company accepted US$266,053,000 in principal amount of notes, paying US$1,220 per US$1,000 of principal plus accrued interest, totaling approximately US$329,580,544. This action is part of Air Canada's strategy to deleverage its balance sheet, leaving US$274,153,000 of the notes outstanding. Payment for the accepted notes is scheduled for December 20, 2022, or by December 22, 2022.
Air Canada has announced new flight services as part of its summer 2023 transborder schedule. Starting March 26, double daily services from Toronto and daily services from Montreal to New York's JFK Airport will commence. Additionally, a new four-times weekly service from Toronto to Sacramento will begin on June 1. The airline is also restoring 11 U.S. routes including Vancouver-Austin and Montreal-Nashville from May 1. More than a dozen routes will see increased frequency, strengthening Air Canada's position as the largest international carrier serving New York.
Air Canada announced a cash tender offer to purchase up to US$300 million of its outstanding 4.000% Convertible Senior Notes due July 1, 2025, at a price of US$1,220 per US$1,000 principal amount. The offer expires on December 19, 2022. As of November 11, 2022, US$540.2 million in notes were outstanding. Air Canada aims to use available cash on hand for the purchase, viewing it as an efficient way to deleverage its balance sheet. Independent valuation suggests a fair market value for the notes between US$1,165 and US$1,235.
Air Canada and United Airlines have announced a new joint business agreement to enhance transborder travel between Canada and the U.S. Launching on July 22, 2022, this partnership aims to provide customers with greater flight options, improved schedule coordination, and shared benefits through their loyalty programs, MileagePlus and Aeroplan. The agreement will expand codeshare destinations to 46 with over 400 daily flights, additionally allowing seats on each other's flights and increased capacity. This initiative is part of both airlines' strategies to recover from the pandemic.