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Air Canada wants to refinance debt ACX 7.625 USD 500 and replace it with debt similar to the ACX 3.3 2031 USD 700 debt. For

Air Canada wants to refinance debt ACX 7.625 USD 500 and replace it with debt similar to the ACX 3.3 2031 USD 700 debt. For the purpose of this assignment, assume that the current date is December 31, 2019 and that interest payments are made semi-annually unless otherwise specified.

a. What factors might allow Air Canada to raise new debt at less than half the interest rate of the debt issued in 2013?

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