8 January 2014
Chorus Aviation Inc. (TSX: CHR.B) (TSX: CHR.A) (TSX: CHR.DB) said is has exercised its right to partially redeem its 9.50% convertible unsecured subordinated debentures maturing on December 31, 2014.
On February 10, 2014, Chorus will redeem CDN60.0m of CDN80.21m aggregate principal amount of debentures currently outstanding, representing approximately 75.0% of the current outstanding balance of debentures. The debentures will be redeemed on a pro rata basis. On redemption, Chorus will pay to the holders of the redeemed debentures the outstanding principal amount of the debentures to be redeemed, for a total of CDN1,010.671238 per CDN1,000.00 principal amount of debentures.
Chorus intends to use surplus cash to pay the redemption price. Following the redemption, CDN20.21m of debentures will be outstanding.
Chorus was incorporated on September 27, 2010 and is a dividend-paying holding company which owns Jazz Aviation LP and a number of other companies involved in aviation related businesses. For more information, visit www.chorusaviation.ca