Aimia Inc. completed its sale of Aimia Canada Inc. to Air Canada.

Gross transaction proceeds were around C$497 million and around half of Aimia's staff, which totaled 1,500 people at the end of 2018, will move to Air Canada.

Aimia used approximately C$308 million of proceeds to fully repay its credit facility and redeem its 5.60% senior secured notes series 4 due May 17, 2019, with principal amount of C$250 million. The redemption date is set at Feb. 8.

Toronto-Dominion Bank said that its agreement with Air Canada is now effective. Under the agreement, the bank will be the primary credit card issuer of Air Canada's proposed loyalty program, scheduled to launch in 2020.