Chorus Aviation closes $115 million bought deal public offering and concurrent $30 million private placement from AIMCo and NordStar Capital

HALIFAX, April 6, 2021 – Chorus Aviation Inc. (“Chorus” or the “Company”) (TSX: CHR) announced today that it has completed its previously announced bought deal public offering (the “Offering”) of units of Chorus (the “Units”) and of convertible senior unsecured debentures (the “Debentures”) for aggregate gross proceeds of $115 million. Each Unit is comprised of one common share (the "Common Shares") of the Company which, for greater certainty, means Class B Voting Shares for Canadian investors and Class A Variable Voting Shares for non-Canadian investors, and one-half of a Common Share purchase warrant of the Company.

In connection with the Offering, the Company issued from treasury $57.5 million of Units and $57.5 million aggregate principal amount of Debentures, including $7.5 million of Units and $7.5 million aggregate principal amount of Debentures issued as a result of the full exercise of the over-allotment option granted to the syndicate of underwriters led by RBC Capital Markets, as bookrunner.

In addition, Chorus issued to Alberta Investment Management Corporation (“AIMCo”), on behalf of certain of its clients, and NordStar Capital an aggregate of $15 million of Units and $15 million aggregate principal amount of Debentures (the “Private Placement”).

The net proceeds of the Offering and the Private Placement will be used to position Chorus to pursue growth opportunities (including purchasing additional aircraft to continue expanding Chorus’ regional aircraft leasing business and expanding into additional contracted flying operations), provide additional balance sheet flexibility, repay indebtedness and for general corporate purposes.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful. The Units and Debentures have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act of 1933 and other applicable securities laws.

About Chorus

Chorus is a global provider of integrated regional aviation solutions. Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is comprised of Chorus Aviation Capital – a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation – companies that have long histories of safe operations with excellent customer service. Chorus provides a full suite of regional aviation support services that encompasses every stage of an aircraft’s lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing, and preparation; contract flying; and aircraft and component maintenance, disassembly, and parts provisioning. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’.

About AIMCo

AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than C$120 billion of assets under management. AIMCo was established on January 1, 2008 with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 33 pension, endowment and government funds in the Province of Alberta. AIMCo’s head office is located in Edmonton, Alberta, with additional offices located in Toronto, London, and Luxembourg. More information is available at

About NordStar Capital

NordStar Capital is a Canadian company led by Jordan Bitove and Paul Rivett, and wholly owned by the Bitove and Rivett families. NordStar Capital is a long-term focused, relationship-based, innovative funding and advisory services firm.

Forward-Looking Information

This news release contains 'forward-looking information' as defined under applicable Canadian securities legislation. 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 expressed in the forward-looking information. Examples of statements containing forward-looking information in this news release include the anticipated use of proceeds of the Offering and the Private Placement. Results indicated in forward-looking information may differ materially from actual results for a number of reasons, including those described in Chorus' most recent Annual Information Form and Management's Discussion and Analysis of Results of Operations and Financial Condition. Statements containing forward-looking information in this news release are made as of the date of this news release and Chorus does not undertake any obligation to publicly update such statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Chorus Media Contacts:

Analyst Contact:
Nathalie Megann, (902) 873-5094,