Chorus Aviation has entered into a second amendment and restatement of its existing committed operating credit facility with The Bank of Nova Scotia (Scotiabank) as lender, sole lead arranger, bookrunner, administrative agent and issuing bank, and the Canadian Imperial Bank of Commerce and the Bank of Montreal as lenders.
The amended facility extends the maturity date of the credit facility for an additional 15 months from October 14, 2024 to January 27, 2026 and adds a $50 million uncommitted accordion feature.
The facility provides Chorus and its subsidiaries with a committed limit of up to $100 million, subject to a borrowing base calculation, plus a $50 million uncommitted accordion. The facility is secured by all present and after-acquired personal property of the issuer, excluding certain specified assets such as aircraft and engines and the equity securities of certain Chorus subsidiaries such as Chorus Aviation Capital and its subsidiaries. It includes a covenant to maintain a minimum consolidated interest coverage ratio.