QIC Private Debt Infrastructure, the private debt infrastructure arm of Australian investment company QIC, has issued a loan to a subsidiary of Porter Aviation in North America.
QIC did not disclose the amount, but it is believed to be around US$166m (€155m).
QIC said the funding supported Porter’s overall growth as it continued expanding its presence with new routes across North America - this included development of the first commercial aviation terminal at Montreal Metropolitan Airport and providing working capital for the company.
In addition to investment from two QIC-managed vehicles, Korean Investment & Securities (KIS) served as a co-investor and co-lead arranger.
QIC’s head of private debt infrastructure Evan Nahnsen, said: “The successful close of this transaction is another demonstration of the value of the strategic origination efforts and structuring expertise of our team.”
Rob Palmer, executive VP and CFO of Porter Airlines said: “Porter is developing not only as an airline, but through complementary strategic infrastructure investments like the Montreal Metropolitan Airport terminal and our new Ottawa maintenance base. These projects support our overall growth, and the partnership with QIC and KIS recognises this value.”
State Street-owned Porter Airlines, founded in 2006, runs a fleet of 50 aircraft on short-haul routes across North America.
An earlier version of this story incorrectly referred to Palmer as executive VP and CEO. Palmer is executive VP and CFO
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