HALIFAX, February 21, 2019 - Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today an agreement by Chorus Aviation Capital to acquire a portfolio of six aircraft with leases attached. The portfolio consists of two ATR72-600s on lease to Azul of Brazil, and four Q400s on lease to two other existing customers of Chorus Aviation Capital. With these acquisitions, Chorus’ suite of leased regional aircraft (inclusive of nine transactions pending completion) has reached 40 aircraft, comprising 28 turboprops and 12 regional jets valued at approximately US $850 million.
“We are delighted to secure this portfolio acquisition, which will add six more attractive turboprop aircraft to our global fleet and further our relationships with our customers,” commented Steven Ridolfi, President, Chorus Aviation Capital. “With the establishment of our new US $300 million credit facility and the capital we have on hand, I’m confident the momentum achieved in our growth strategy will continue to build.”
The acquisitions of the aircraft on lease to Azul have been completed. The acquisitions of the aircraft on lease to the two other lessees remain to be completed subject to satisfaction of customary conditions precedent to closing.