Chorus Aviation replaces 2022 loan with new C$75 million facility

Chicago, Oct. 14 – Chorus Aviation Inc. has signed a new C$75 million three-year facility with Bank of Nova Scotia to replace an earlier credit agreement for C$75 million that was scheduled to mature in August 2022, according to a press release.

The new committed operating credit facility has a $75 million limit, subject to a borrowing base calculation.

There is a C$25 million uncommitted accordion.

In connection with Chorus entering into the agreement for the new facility, the trustees under the company’s 5¾% debentures due Dec. 31, 2024, 6% convertibles senior debentures due June 30, 2026 and 5¾% senior debentures due June 30, 2027 entered into intercreditor agreements with Scotiabank in its capacity as administrative agent.

The intercreditor agreements are on substantially the same terms as the agreements that were entered into under the prior facility.

Scotiabank was the lender, sole arranger, bookrunner, administrative agent and issuing bank.

The Dartmouth, N.S.-based holding company controls regional and charter airline operator Jazz Aviation LP.

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