Chorus Aviation announces portfolio transaction for six regional aircraft
Delivering regional aviation to the world
HALIFAX, Feb. 21, 2019 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) announced today an agreement by Chorus Aviation Capital to acquire a portfolio of six aircraft with leases attached. The portfolio consists of two ATR72-600s on lease to Azul of Brazil, and four Q400s on lease to two other existing customers of Chorus Aviation Capital. With these acquisitions, Chorus’ suite of leased regional aircraft (inclusive of nine transactions pending completion) has reached 40 aircraft, comprising 28 turboprops and 12 regional jets valued at approximately US $850 million.
"We are delighted to secure this portfolio acquisition, which will add six more attractive turboprop aircraft to our global fleet and further our relationships with our customers," commented Steven Ridolfi, President, Chorus Aviation Capital. "With the establishment of our new US $300 million credit facility and the capital we have on hand, I’m confident the momentum achieved in our growth strategy will continue to build."
The acquisitions of the aircraft on lease to Azul have been completed. The acquisitions of the aircraft on lease to the two other lessees remain to be completed subject to satisfaction of customary conditions precedent to closing.
About Chorus Aviation Capital
Established in 2017, Chorus Aviation Capital currently has relationships with 12 regional airlines based in 12 countries. The company is focused on building a portfolio of new and mid-life regional aircraft, while leveraging the synergies inherent among its affiliated companies to provide a full suite of regional aviation services.
About Chorus Aviation Inc.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. Chorus’ vision is to deliver regional aviation to the world. Chorus has been leasing its owned regional aircraft into Jazz’s Air Canada Express operation since 2011, and established Chorus Aviation Capital to become a leading, global provider of regional aircraft leases. Chorus also owns Jazz Aviation LP and Voyageur Aviation Corp. – companies that have long histories of safe and solid operations that deliver excellent customer service in the areas of contract flying operations, engineering, fleet management, and maintenance, repair and overhaul. Together, the Chorus group of companies can provide a full suite of regional aviation support services. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. www.chorusaviation.ca
This news release contains ‘forward-looking information’. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "potential", "project", "will", "would", and similar terms and phrases, including references to assumptions. 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. Actual results may differ materially from results indicated in forward-looking information for a number of reasons, including those identified in Chorus’ public disclosure record available at www.sedar.com and the risk factors identified in Chorus’ Annual Information Form dated February 14, 2018. In particular, failure by either party to satisfy the conditions precedent to the closing of the pending transactions referenced in this news release may result in those transactions not being completed on the terms currently contemplated by Chorus, or at all. Statements containing forward-looking information in this news release represent Chorus’ expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. Chorus disclaims any intention or obligation to update or revise such statements to reflect new information, subsequent events or otherwise, unless required by applicable securities laws.
SOURCE Chorus Aviation Inc.