Chorus Aviation Inc. today announced that it has closed the redemption of $115,000,000 principal amount of Chorus’ 6.00% Senior Debentures due December 31, 2024, representing all of the Debentures that were outstanding immediately prior to the redemption.
Chorus previously announced its intention to redeem the Debentures on December 14, 2022.
The Debentures were secured by certain Dash 8-100 and Dash 8-300 aircraft and real estate property owned by Chorus’ subsidiaries (the “Collateral Security”). The Collateral Security has now been released.
In connection with the issuance of the Debentures, Chorus issued 24,242,424.242 warrants to affiliates of Fairfax Financial Holdings Limited (“Fairfax”) entitling the holder thereof to acquire, on exercise of each warrant and subject to certain adjustments, one Class A Variable Voting Share or Class B Voting Share of Chorus at a price of $8.25 per share (the “Warrants”). The Warrants have now expired.
