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Cargojet Announces Closing of C$100 Million Bought Deal Offering of 5.25% Listed Senior Unsecured Hybrid Debentures Due June 2026
Cargojet Announces Closing of C$100 Million Bought Deal Offering of 5.25% Listed Senior Un...
About this update from Cargojet Inc.
[{"type":"text","content":"\n\n\n\nCargojet Announces Closing of C$100 Million Bought Deal Offering of 5.25% Listed Senior Unsecured Hybrid Debentures Due June 2026\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, July 16, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n MISSISSAUGA, ON, July 16, 2020 /CNW/ - Cargojet Inc. (\"Cargojet\" or the \"Corporation\") (TSX: CJT) is pleased to announce that it has closed its previously announced offering of C$100 million aggregate principal amount of 5.25% listed senior unsecured hybrid debentures (the \"Debentures\") at a price of C$1,000 per Debenture (the \"Offering\"). The Debentures bear interest at a rate of 5.25% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, commencing December 31, 2020, and will mature on June 30, 2026. \n\"Cargojet continues to optimize our capital structure, and our robust network while managing capacity prudently as we experience an increased demand from our customers at this time. Our excellent team of professionals continues to perform diligently with utmost safety, providing the unparalleled On Time Performance and  service to our customers,\" said Ajay Virmani, CEO. \nThe Offering was made pursuant to a final short form prospectus dated July 9, 2020, and the Debentures will commence trading today on the Toronto Stock Exchange under the symbol \"CJT.DB.F\".\nThe Corporation intends to use the net proceeds of the Offering to pay down the Corporation's revolving credit facility and to free up capacity to fund future anticipated capital expenditures, including the purchase of aircraft.\nThe Debentures were offered by a syndicate of underwriters co-led by RBC Capital Markets, CIBC Capital Markets and Scotiabank. The Corporation has granted to the underwriters an over-allotment option, exercisable in whole or in part, at any time until 30 days following the closing of the Offering, to purchase up to an additional $15,000,000 aggregate principal amount of Debentures,...