Air Canada has raised C$432m ($393m) in a previously announced private offering, which it has now closed. The carrier sold 7.75 per cent of the company in senior unsecured notes, due 2021. "The successful completion of our unsecured note offering is another significant transformational event for Air Canada as we enter a new phase of capital investment in our fleet and product," said Calin Rovinescu, CEO. "I was especially pleased with the offering's reception. The capital markets have demonstrated their confidence in Air Canada by extending us credit on an unsecured basis on competitive terms, recognising, among other things, Air Canada's improved leverage ratios, credit ratings and profitability, as well as the elimination of the pension deficit overhang."