Guest Posted January 22, 2019 Share Posted January 22, 2019 Provided by Chorus Aviation Inc/CNW Delivering regional aviation to the world HALIFAX, Jan. 21, 2019 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) announced today that its wholly-owned subsidiary, Chorus Aviation Capital (Ireland) Limited, has secured a US $300 million committed, revolving credit facility to be used to finance future aircraft acquisitions for its regional aircraft leasing business. Borrowing under this facility will be used to support the expansion of Chorus Aviation Capital’s regional aircraft portfolio beyond its current 34 aircraft valued at US $750 million. “This facility will provide a committed and flexible source of debt capital further enhancing our ability to grow our regional aircraft portfolio,” stated Steve Ridolfi, President, Chorus Aviation Capital Corp. “Today’s announcement is an important step in our evolution, greatly increasing our capacity and enabling us to pursue a broader range of potential transactions. The strong bank support we received during this process is a testament to their confidence in our business plan and team.” The facility is led by Deutsche Bank as Lead Arranger and Structuring Agent and includes Barclays and the Royal Bank of Canada as syndicate members. “Deutsche Bank is delighted to support Chorus with its inaugural portfolio acquisition facility for its growth aspirations in the regional aircraft sector”, stated Richard Moody, Managing Director, Global Co-Head, Transportation, Infrastructure & Energy, Deutsche Bank. The facility contains eligibility and concentration criteria, as well as ongoing financial covenants customary for a facility of this nature. Loans under the facility are secured primarily by the aircraft assets and related leases financed by the facility and are guaranteed by Chorus Aviation Capital (Ireland) Limited. Link to comment Share on other sites More sharing options...
rudder Posted January 22, 2019 Share Posted January 22, 2019 Take a look at the institutional backers. Big players. The addition of AC as a significant CHR shareholder seems to be enhancing the standing of CHR with the major lending institutions. The syndicate likely believe that the expansion and extension of the AC CPA relationship will lead to increased leasing opportunities for Chorus Aviation Capital from credible clients (i.e. AC). Link to comment Share on other sites More sharing options...
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