Chorus Aviation issues final tranche of convertible debt units to Fairfax Financial
Mar 31, 2017
HALIFAX, March 31, 2017 /CNW/ - Chorus Aviation Inc. ("Chorus" or the "Corporation") (TSX: CHR) announced today that it has issued all of the remaining convertible debt units to subsidiaries of Fairfax Financial Holdings Limited (collectively, "Fairfax") originally contemplated in the Corporation's news release dated December 19, 2016 (the "Final Tranche Closing").
Pursuant to the Final Tranche Closing, Chorus issued CAD $150,000,000 principal amount of 6.00% senior debentures due December 31, 2024 (the "Debentures") to Fairfax for gross proceeds of CAD $150,000,000. Together with the CAD $50,000,000 principal amount of Debentures issued on March 6, 2017, Chorus has now issued all of the Debentures originally contemplated in its news release dated December 19, 2016. Furthermore, since all of the Debentures have been issued, all 24,242,424 warrants issued by Chorus to Fairfax on March 6, 2017 will be exercisable by the holders thereof at any time after December 31, 2019, or earlier in certain circumstances in accordance with the terms of the warrants.
Copies of the indentures for the Debentures and the Warrants are available on SEDAR at www.sedar.com.
This news release may contain "forward-looking information" as defined under applicable Canadian securities legislation. Forward-looking information typically contains words such as "anticipate", "believe", "could", "should", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar words and phrases, including references to assumptions. Such information may involve but is not limited to comments with respect to strategies, expectations, planned operations or future actions. Forward-looking information related to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward looking information, by its nature, is based on assumptions, including those described below, and is subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ materially from those expressed in the forward-looking statements. For a further discussion of risks, please refer to the section titled "Risk Factors" in Chorus' 2016 Annual Information Form. Any statements containing forward-looking information in this news release represent Chorus' expectations as of March 31, 2017. Chorus disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. Chorus' vision is to deliver regional aviation to the world. Chorus owns Jazz Aviation and Voyageur Aviation – 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. Chorus has been leasing its owned regional aircraft into Jazz's Air Canada Express operation since 2009, and recently established Chorus Aviation Capital Corp. to become a leading, global provider of regional aircraft leases and support services. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'.
SOURCE Chorus Aviation Inc.
For further information: Chorus Media Contacts: Manon Stuart, Halifax, Nova Scotia, (902) 873-5054, email@example.com; Debra Williams, Toronto, Ontario, (905) 671-7769, firstname.lastname@example.org; Analyst Contact: Nathalie Megann, Halifax, Nova Scotia, (902) 873-5094, email@example.com