May 1, 2023
Sunwing Repays LEEFF Loan
On Monday, May 1, 2023, concurrent with its acquisition by WestJet, Sunwing Vacations Inc. (“Sunwing”) repaid its Large Employer Emergency Financing Facility (LEEFF) liquidity loan to Canada Enterprise Emergency Funding Corporation (CEEFC). The loan was approved on February 1, 2021 in the amount of $348 million, and Sunwing borrowed $227 million of the approved amount.
Sunwing’s payments over the course of the loan consisted of $227 million in principal, $21 million in interest and $14 million in fees, for a total of $262 million.
Sunwing retains a Voucher Facility loan in the amount of $100 million for funds used to reimburse passengers for cancelled flights, which will be repaid according to its existing terms.