Image source: Porter AviationFunding for Porter Aviation Holdings Inc. supports company growth, including Montreal Metropolitan Airport terminal project
QIC Private Debt Infrastructure has reached financial close on a loan to a wholly owned subsidiary of Porter Aviation Holdings Inc. The funding supports Porter’s overall growth as it continues expanding its presence with new routes across North America - this includes development of the first commercial aviation terminal at Montreal Metropolitan Airport, as well as 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 Private Debt Infrastructure team acted as a lead arranger in this transaction. Financing was structured to facilitate a co-investment for KIS, led by David Guhn-Chang Lee, Head of Alternative Investment Management Department, alongside the various funds managed by the QIC Private Debt Infrastructure team.
QIC’s Head of Private Debt Infrastructure Evan Nahnsen said the deal represents another example of successfully executing the strategic pipeline for QIC’s growing private debt infrastructure capability.
“The successful close of this transaction is another demonstration of the value of the strategic origination efforts and structuring expertise of our team,” Mr Nahnsen said.
“It highlights the power of the global brand of QIC and our infrastructure private debt product to design investments in trophy infrastructure assets for us and our institutional partners.”
“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,” said Rob Palmer, Executive Vice President and Chief Financial Officer, Porter Airlines.
“These projects support our overall growth, and the partnership with QIC and KIS recognizes this value,” Mr Palmer said.
QIC Private Debt manages US$1.1bn1 committed capital across Private Debt Infrastructure and Multi-Sector Private Debt offerings. Multi-Sector Private Debt provides diversified exposure to high-quality Australian and New Zealand private debt securities, including corporate direct and leveraged loans, asset-backed securities, and real estate debt. QIC Private Debt Infrastructure offers institutional investors exposure to diversified debt investments across infrastructure (within the OECD), and corporate, asset-backed securities and real estate (in Australia and New Zealand) sectors.
Citations
- As of 31 December 2023
For further information, please contact:
Further information
QIC is a long-term specialist manager in alternatives offering infrastructure, real estate, private capital, private debt, natural capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$111bn (US$72bn) in funds under management. QIC has over 900 employees and serves approximately 115 clients. Headquartered in Brisbane, Australia, QIC also has offices in Sydney, Singapore, Melbourne, New York, San Francisco and London. www.qic.com. (as at 31 March 2024)
QIC Limited ACN 130 539 123 (“QIC”) is a wholesale funds manager, and its products and services are not directly available to, and this document may not be provided to any, retail clients. QIC is a company government owned corporation constituted under the Queensland Investment Corporation Act 1991 (QLD). QIC is also regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (Cth) (“Corporations Act”). QIC does not hold an Australian financial services (“AFS”) licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. Other wholly owned subsidiaries of QIC do hold AFS licences and are required to comply with relevant provisions of the Corporations Act. QIC also has wholly owned subsidiaries authorised, registered or licensed by the United Kingdom Financial Conduct Authority (“FCA”), the United States Securities and Exchange Commission (“SEC”) and the Korean Financial Services Commission. For more information about QIC, our approach, clients and regulatory framework, please refer to our website www.qic.com or contact us directly.
For more information about QIC, our approach, clients and regulatory framework, please refer to our website www.qic.com or contact us directly.
The statements and any opinions in this document (the “Information”) are of a general nature and for commentary purposes only and do not take into account any investor’s personal, financial or tax objectives, situation or needs. The Information is not intended to constitute and should not be relied on as personal legal or investment advice and it does not constitute, and should not be construed as, an offer to sell or solicitation of an offer to buy, securities or any other investment, investment management or advisory services.