Business
Chorus Aviation Executes Previously-Announced US$100 Million Revolving Credit Facility
Chorus Aviation Executes Previously-Announced US$100 Million Revolving Credit Facility ...
About this update from Chorus Aviation Inc.
[{"type":"text","content":"\n\n\n\nChorus Aviation Executes Previously-Announced US$100 Million Revolving Credit Facility\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\nCanada NewsWire\nHALIFAX, April 28, 2020\n\n\n\nHALIFAX, April 28, 2020 /CNW/ - Chorus Aviation Inc. (\"Chorus\") announced today that it has executed the US$100 million unsecured revolving credit facility first announced on April 6, 2020.\n\"In today's challenging and uncertain environment, bolstering our liquidity is of utmost importance to position Chorus as a strong organization that is ready to resume normal operations when this pandemic abates,\" said Joe Randell, President and Chief Executive Officer, Chorus. \nThe facility is for general corporate purposes and repayable in two years. It contains customary covenants and events of default, including restrictions on share repurchases and the payment of dividends consistent with Chorus' operating facility, a mandatory prepayment upon the occurrence of a change of control of Chorus, and event of defaults that would be triggered upon the acceleration of Chorus indebtedness in excess of US $10.0 million or any event of default under any other indebtedness owed by Chorus to the lender.\nForward-Looking Information\nThis news release may contain 'forward-looking information'. Forward-looking 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. Examples of forward-looking information in this news release include, but are not limited to, statements concerning Chorus' future liquidity and financial strength. Actual results may differ materially from results indicated in forward-looking information for a number of reasons, including a prolonged duration of the COVID-19 outbreak and/or further restrictive measures to contain its spread, the evolving impact of COVID-19 on Chorus' contractual counterparties, changes in aviation industry and general economic conditions, the emergence of other epidemic diseases, the continue...