HALIFAX,
NS, Dec. 29, 2022 /CNW/ - Chorus Aviation Inc.
("Chorus") (TSX: CHR) today announced that it has closed the
redemption of $115,000,000 principal amount of Chorus'
6.00% Senior Debentures due December 31, 2024 (the
"Debentures"), representing all of the Debentures that were
outstanding immediately prior to the redemption. Chorus previously
announced its intention to redeem the Debentures on December 14, 2022.
The Debentures were secured by certain Dash 8-100 and Dash 8-300
aircraft and real estate property owned by Chorus' subsidiaries
(the "Collateral Security"). The Collateral Security has now been
released.
In connection with the issuance of the Debentures, Chorus issued
24,242,424.242 warrants to affiliates of Fairfax Financial Holdings
Limited ("Fairfax") entitling the holder thereof to acquire, on
exercise of each warrant and subject to certain adjustments, one
Class A Variable Voting Share or Class B Voting Share of Chorus at
a price of $8.25 per share (the "Warrants"). The Warrants
have now expired.
Forward-Looking Information
This news release may contain forward-looking information as
defined under applicable Canadian securities laws. Forward-looking
information is identified by the use of terms and phrases such as
"anticipate", "believe", "could", "estimate", "expect", "intend",
"may", "plan", "predict", "potential", "project", "will", "would",
and similar terms and phrases, including references to assumptions.
Such information may involve but is not limited to comments with
respect to strategies, expectations, planned operations or future
actions. Forward-looking information relates to analyses and other
information that is based on forecasts of future results, estimates
of amounts not yet determinable and other uncertain events.
Forward-looking information, by its nature, is based on
assumptions, including those referenced below, and is subject to
important risks and uncertainties. Forward-looking information
cannot be relied upon due to, among other things, external events,
changing market conditions and general uncertainties of the
business. Such information involves known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to differ materially from those
indicated in the forward-looking information. Actual results may
differ from those indicated in forward-looking information for a
number of reasons, including those described in Chorus' public
disclosure record available under Chorus' profile on www.sedar.com.
Statements containing forward-looking information in this news
release are made as of the date of this news release and Chorus
does not undertake any obligation to publicly update such
statements to reflect new information, subsequent events or
otherwise unless required by applicable securities laws.
About Chorus Aviation
Inc.
Chorus' vision is to deliver regional aviation to the world.
Headquartered in Halifax, Nova
Scotia, Chorus is an integrated provider of regional
aviation solutions, including asset management services. Its
principal subsidiaries are: Falko Regional Aircraft, the world's
largest asset manager and aircraft lessor focused solely on the
regional aircraft leasing segment; Jazz Aviation, the sole provider
of regional air services under the Air Canada Express brand; and
Voyageur Aviation, a provider of specialty air charter, aircraft
modification, and parts provisioning services to regional aviation
customers around the world. Together, Chorus' subsidiaries provide
support services that encompass every stage of a regional
aircraft's lifecycle, including: aircraft acquisition and leasing;
aircraft refurbishment, engineering, modification, repurposing and
transition; contract flying; aircraft and component maintenance,
disassembly, and parts provisioning.
Chorus Class A Variable Voting Shares and Class B Voting Shares
trade on the Toronto Stock Exchange under the trading symbol 'CHR'.
Chorus' 5.75% Senior Unsecured Debentures due December 31,
2024, 6.00% Convertible Senior Unsecured Debentures due June
30, 2026, and 5.75% Senior Unsecured Debentures due June 30,
2027 trade on the Toronto Stock Exchange under the trading
symbols 'CHR.DB.A', 'CHR.DB.B', and 'CHR.DB.C',
respectively. www.chorusaviation.com
SOURCE Chorus Aviation Inc.