Press release

July 23, 2020

TORONTO, ONTARIO – The Greater Toronto Airports Authority (the “GTAA”) today announced that it has successfully completed the previously announced solicitation of consents and proxies (the “Consent Solicitation”) with respect to a proposed amendment (the “Amendment”) to the Master Trust Indenture dated December 2, 1997 (the “Indenture”) governing all outstanding series of obligation bonds (the “Obligation Bonds”) and the Series 1997-C Pledged Bond (the “Pledged Bond” and, collectively with the Obligation Bonds, the “Bonds”).  As reported by the Tabulation Agent, AST Trust Company (Canada), holders of 94.55% in aggregate principal amount of all outstanding Bonds (including holders of the outstanding indebtedness secured by the Series 1997-C Pledged Bond) have delivered valid consents and proxies voting FOR the approval of the Amendment, exceeding the required consent threshold of 66⅔% of the principal amount of all outstanding Bonds (including holders of not less than 66⅔% of outstanding indebtedness secured by the Series 1997-C Pledged Bond), voting together (the “Requisite Majority”).

As the GTAA has received valid consents and proxies from bondholders in excess of the Requisite Majority, the extraordinary resolution approving the Amendment has been passed, and the previously called virtual-only meeting of bondholders, which was to be held at 11:00 a.m. (Toronto time) on July 31, 2020, has been cancelled.  

The Amendment, which is more fully described in the Joint Consent and Proxy Solicitation Statement dated July 6, 2020, will temporarily relieve the GTAA from complying with the rate covenant under the Indenture for its 2020 and 2021 fiscal years.  Also, bondholders should note that the GTAA has an internal financial risk tolerance policy that includes a statement that the GTAA will always maintain available liquidity of at least $200 million. During the waiver period, the GTAA will, within five business days of the end of each quarter, publish on the GTAA’s website if available liquidity at the end of a quarter is below $200 million.  

The GTAA plans to execute a supplemental indenture, pursuant to which the Amendment will become effective, and will pay a voting fee of $1.00 for each $1,000 principal amount of Obligation Bonds and $1.00 for each $1,000 principal amount of each lender’s share of outstanding indebtedness secured by the Pledged Bond promptly thereafter, to each person shown on the records of the registrar for the Bonds as of the record date (being 5:00 p.m. Toronto time on July 2, 2020) who among other things, properly delivered and did not revoke a consent and proxy form by the election deadline for the Consent Solicitation (being 5:00 p.m. Toronto time on July 22, 2020), regardless of whether such holder consented to and voted for, or withheld consent and voted against, the Amendment.  All holders of Bonds will be bound by the Amendment, including holders that did not give their consent.  

BMO Capital Markets and RBC Dominion Securities Inc. acted as Joint Solicitation Agents for the Consent Solicitation.  D.F. King Canada acted as Information Agent and AST Trust Company (Canada) acted as Tabulation Agent in connection with the Consent Solicitation. Questions concerning the Consent Solicitation should be directed to BMO Capital Markets or RBC Dominion Securities Inc. by telephone at 416-359-6528 or 416-842-6311, respectively, or to D.F. King Canada by telephone at 1-866-822-1240 (toll-free in North America) or 416-682-3825 (collect outside North America) or by email at

About the Greater Toronto Airports Authority

The Greater Toronto Airports Authority (GTAA) is the operator of Toronto Pearson International Airport. Toronto Pearson served more than 50 million passengers in 2019, making it Canada's busiest airport.

For more information, please visit Toronto Pearson on Twitter (English and French), Facebook or Instagram.


GTAA Media Office | | (416) 776-3709