11:23 AM EST - ACE Aviation Holdings Inc : completed the first issuance of shares in Air Canada under an initial public offering that generated $525 million. The IPO is the first stage in a planned foldup of ACE, Air Canada's parent firm since it underwent a massive restructuring after filing for bankruptcy-court protection in 2003. Under the offering, 25 million Air Canada shares were sold at $21 each. Through the IPO, Air Canada sold 9.5 million Class A shares and 15.5 million Class B shares. Proceeds will be used for general corporate purposes, including partial funding of its fleet renewal program. ACE retains control of Air Canada through a 75 percent majority interest. Following the IPO, Air Canada said it has cash and cash equivalents of more than $2 billion plus access to a $400-million senior secured revolving credit facility. ACE Aviation Holdings Inc
shares T.ACE.A are trading up ten cents at $37.80.
