/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
HALIFAX,
NS, Feb. 3, 2025 /CNW/ - Chorus Aviation Inc.
(TSX: CHR) ("Chorus") today announced the completion of the
purchase of its previously announced offers to purchase any and all
of the outstanding 6.00% Convertible Senior Unsecured Debentures
due June 30, 2026 (the "Series B
Debentures") and 5.75% Senior Unsecured Debentures due
June 30, 2027 (the "Series C
Debentures", and together with the Series B Debentures, the
"Debentures") (CUSIP No.17040TAE2 and No.17040TAG7,
respectively) (collectively, the "Change of Control
Offers").
Chorus purchased for cancellation a total of $43,773,000 aggregate principal amount of Series
B Debentures and a total of $37,797,000 aggregate principal amount of Series
C Debentures.
The principal amount of Series B Debentures purchased pursuant
to the Change of Control Offers represents approximately 60% of the
outstanding aggregate principal amount of Series B Debentures at
the time that the Change of Control Offers were commenced and,
after giving effect to the purchase of such Series B Debentures for
cancellation, approximately $28,727,000 aggregate principal amount of Series
B Debentures remains outstanding. The principal amount of Series C
Debentures purchased pursuant to the Change of Control Offers
represents approximately 44% of the outstanding aggregate principal
amount of Series C Debentures at the time that the Change of
Control Offers were commenced and, after giving effect to the
purchase of such Series C Debentures for cancellation,
approximately $47,203,000 aggregate
principal amount of Series C Debentures remains outstanding.
Chorus will, in addition to other redemption rights set out in
the relevant indentures, retain the ability to redeem any remaining
Series B Debentures at any time on and after June 30, 2025 at the principal amount plus
accrued and unpaid interest thereon and the Series C Debentures at
any time on and after March 31, 2026
at the principal amount plus accrued and unpaid interest
thereon.
Forward-Looking Information
This news release contains forward-looking information and
statements within the meaning of applicable securities laws
(collectively, "forward-looking information"). Examples of
forward-looking information in this news release include statements
and expectations regarding the Change of Control Offers.
Forward-looking information involves significant risks and
uncertainties that could cause actual results to differ materially
from those anticipated. Actual results could differ materially from
those described in forward-looking information due to known or
unknown risks, including, but not limited to, the risk factors
described in Chorus' public disclosure record available under
Chorus' profile on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained in this news release
represents Chorus' expectations as of the date of this news release
(or as of the date they are otherwise stated to be made) and is
subject to change after such date. Chorus disclaims any intention
or obligation to update or revise any forward-looking information
as a result of new information, subsequent events or otherwise,
except as required by applicable securities laws. Readers are
cautioned that the foregoing factors and risks are not
exhaustive.
About Chorus Aviation Inc.
Chorus is a Canadian company focused on aviation services
businesses. Our operating subsidiaries are: Jazz Aviation, the
largest regional operator in Canada and provider of regional air services
under the Air Canada Express brand; Voyageur Aviation, a leading
provider of specialty charter, aircraft modifications, parts
provisioning and in-service support services; and Cygnet Aviation
Academy, an industry leading accredited training academy preparing
pilots for direct entry into airlines. Together, Chorus'
subsidiaries provide services that encompass every stage of an
aircraft's lifecycle, including: aircraft acquisition and leasing;
aircraft refurbishment, engineering, modification, repurposing and
transition; contract flying; aircraft and component maintenance,
disassembly, and parts provisioning; and pilot training.
Chorus Class A Variable Voting Shares and Class B Voting Shares
trade on the Toronto Stock Exchange under the trading symbol 'CHR'.
Chorus' Series B Debentures and Series C Debentures trade on the
Toronto Stock Exchange under the trading symbols 'CHR.DB.B' and
'CHR.DB.C' respectively. For further information on Chorus, please
visit www.chorusaviation.com.
SOURCE Chorus Aviation Inc.
