Cargojet to pay down revolving credit facility via hybrid debentures

By Marisa Wong

Morgantown, W.Va., March 27 – Cargojet Inc. plans to pay down its revolving credit facility using proceeds from an offering of hybrid debentures, according to a news release.

The company announced on Wednesday a C$100 million bought deal offering of 5¾% senior hybrid debentures due April 30, 2025. The deal includes a C$15 million over-allotment option.

The paydown will free up capacity to fund future anticipated capital expenditures, including the purchase of aircraft, the company said.

Cargojet is a Mississauga, Ont., provider of overnight air cargo services.

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