Air Canada has secured a new loan from two European banks. The carrier says the agreement represents an additional step in the implementation of Air Canada's strategy of improving its short term and longer term liquidity through both traditional and non-traditional means.

Air Canada mandated Calyon New York Branch and Norddeutsche Landesbank Girozentrale (NordLB) for a $78 million (approximately C$95 million) facility. The five-year loan matures in December 2013.

Calyon and NordLB jointly underwrote the financing while the French bank acted as the agent on the transaction.

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Source: Commercial Aviation Online