Canada Stocks-tsx Edges Up Despite Blackberry, U.s. Budget Worry

BlackBerry fell for a third day in a row as markets continued to mull over a $4.7 billion bid to take the smartphone maker private. Doubts about the viability of the bid have emerged in recent days, and the stock gave up 0.5 percent to C$8.22 on Thursday. Investors also focused their attention on the latest political wrangling in the United States, which faces two separate and looming deadlines: to keep the government running beyond the end of the month, and to raise the debt ceiling to prevent a debt default. Some encouraging data south of the border helped offset the budget concerns as fewer Americans filed new jobless claims. While the day’s economic data offered a mixed view of the recovery, analysts still believe the economy is managing to strengthen. “It’s this constant struggle between policy uncertainties – be it monetary or fiscal – and the underlying fundamentals, which continue to point to slow but sustained improvement,” said Craig Fehr, Canadian market strategist at Edward Jones in St. Louis, Missouri. “The markets are bouncing back and forth between that and finding some comfort in the fact that while Washington tends to be a very short-term distraction, the fundamentals, which are going to be a longer-term guide, are still pointing in the right direction.” The Toronto Stock Exchange’s S&P/TSX composite index ended up 4.91 points, or 0.04 percent, at 12,841.62. Six of the 10 main sectors on the index were higher. Sentiment for Canadian equities has been recovering after a sluggish first half of 2013. The TSX has gained more than 8 percent since hitting its low point for the year in June. The index’s energy sector broadly rose 0.5 percent.

Air Canada Completes Its $1.4 Billion Refinancing Transaction

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Staples Canada On-track to Make an Impact on the Environment

Air Canada will use a portion of the remaining net proceeds and borrowings to purchase or redeem any of its Existing Notes not tendered prior to the early tender deadline. In conjunction with the purchase of the Existing Notes, the premium costs paid, in the amount of C$61 million, as well as the write off of existing transaction costs and discounts related to the Existing Notes, in the amount of C$34 million, will be recorded as an interest charge in the third quarter of 2013. Air Canada will use the remaining net proceeds and borrowings for working capital and general corporate purposes. The New Senior Notes and Air Canada’s obligations under the New Credit Facility are senior secured obligations of Air Canada, guaranteed on a senior secured basis by one or more of Air Canada’s subsidiaries, and secured (on a first lien basis with respect to the New Senior First Lien Notes and Air Canada’s obligations under the New Credit Facility, and on a second lien basis with respect to the New Senior Second Lien Notes), subject to certain permitted liens and exclusions, by certain accounts receivable, certain real estate interests, certain spare engines, ground service equipment, certain airport slots and gate leaseholds, and certain Pacific routes and the airport slots and gate leaseholds utilized in connection with those Pacific routes. The applicable margin with respect to loans under the revolving credit facility under the New Credit Facility is 4.50% with respect to LIBOR loans and banker’s acceptances and 3.50% with respect to the Index Rate loans or Canadian Prime Rate loans. The applicable margin with respect to the term loans under the New Credit Facility is 4.50% with respect to LIBOR loans and 3.50% with respect to the Index Rate loans. All such applicable margins are subject to the adjustment and other terms of the New Credit Facility. The New Senior Notes were offered and sold on a private placement basis to accredited investors in certain provinces of Canada. The New Senior Notes were offered and sold in the United States only to qualified institutional buyers in reliance on Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The New Senior Notes have not been and will not be qualified for sale to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the New Senior Notes in Canada will be made on a basis that is exempt from the prospectus requirement of such securities laws. The New Senior Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and state securities laws.