QIC Private Debt closes Canadian airport infrastructure backed financing

Funding 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

1. As of 31 December 2023