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Chorus Aviation announces new three-year committed operating credit facility
Chorus Aviation announces new three-year committed operating credit facility Ca...
About this update from Chorus Aviation Inc.
[{"type":"text","content":"\n \n \n \n Chorus Aviation announces new three-year committed operating credit facility\n \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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n HALIFAX, NS\n \n ,\n \n Oct. 14, 2021\n \n /CNW/ - Chorus Aviation Inc. (\"Chorus\") (TSX: CHR) announced today that it has entered into an agreement for a three-year committed operating credit facility (the \"New Facility\") with The Bank of\n \n Nova Scotia\n \n (\"Scotiabank\") as lender, sole lead arranger, bookrunner, administrative agent and issuing bank, and the Canadian Imperial Bank of Commerce (\"CIBC\") and the Bank of\n \n Montreal\n \n as lenders. The New Facility replaces Chorus' credit facility (the \"Prior Facility\") under the second amended and restated credit agreement dated\n \n June 28, 2019\n \n (as amended) which provided a\n \n $75 million\n \n committed limit and was scheduled to mature in\n \n August 2022\n \n .\n \n \n The New Facility provides Chorus and certain designated subsidiaries including Chorus Aviation Capital Corp., Jazz Aviation LP and Voyageur Aviation Corp. (collectively, the \"Credit Parties\") with a committed limit of up to\n \n $75 million\n \n , subject to a borrowing base calculation, plus a\n \n $25 million\n \n uncommitted accordion. The New Facility is secured by all present and after-acquired personal property of the Credit Parties, excluding certain specified assets which include aircraft and engines and the equity securities of Chorus Aviation Capital Corp. and its subsidiaries. It contains customary representations, warranties and covenants, including a covenant to maintain a minimum consolidated interest coverage ratio.  A copy of the New Facility is available under Chorus' profile on SEDAR at\n \n www.sedar.com\n \n .\n \n \n In connection with Chorus entering into the agreement for the New Facility, the trustees (collectively, the \"Trustees\") under the indentures for Chorus' 5.75% Senior Unsecured Debentures due\n \n December 31, 2024\n \n , 6.00% Convertible Senior Unsecured Debentures due\n \n June 30, 2026\n \n , and 5.75% Sen...