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BRIEF-Chorus Aviation Announces $97.26 Mln Equity Investment By Air Canada

Published 2019-01-14, 01:50 p/m
Updated 2019-01-14, 02:00 p/m
© Reuters. BRIEF-Chorus Aviation Announces $97.26 Mln Equity Investment By Air Canada

Jan 14 (Reuters) - Chorus Aviation Inc CHR.TO :

* CHORUS AVIATION ANNOUNCES AGREEMENT TO AMEND AND EXTEND CAPACITY PURCHASE AGREEMENT AND A $97.26 MILLION EQUITY INVESTMENT BY AIR CANADA

* CHORUS AVIATION - PROCEEDS FROM AIR CANADA INVESTMENT TO ENABLE CO TO INVEST IN LEASING BUSINESS INCLUDING BUYING NEW LARGER-GAUGE AIRCRAFT

* CHORUS AVIATION INC - AGREEMENT WILL EXTEND CAPACITY PURCHASE AGREEMENT TO 2035

* CHORUS AVIATION INC - AIR CANADA WILL HAVE A SEAT ON CO'S BOARD & WILL NOMINATE MICHAEL ROUSSEAU TO POSITION

* CHORUS AVIATION INC - FIVE CRJ900S SOURCED BY AIR CANADA WILL INITIATE FLEET CHANGES WITH DELIVERIES EXPECTED TO BEGIN IN FIRST HALF OF 2019

* CHORUS AVIATION INC - "CHORUS EXPECTS TO CONTINUE TO GENERATE CASH FLOW TO SUPPORT ITS CURRENT DIVIDEND."

* CHORUS AVIATION - AIR CANADA TO ACHIEVE COST SAVINGS RELATED TO FIXED FEE REDUCTIONS, PREDOMINANTLY OCCURRING IN 2019, 2020 WITH $36 MILLION DECREASE IN EACH YEAR

* CHORUS AVIATION - AMENDED DEAL TO REDUCE MARGIN RISK FOR JAZZ BY LIMITING EXPOSURE ON CONTROLLABLE COSTS TO A MAXIMUM OF $2 MILLION ANNUALLY

* CHORUS AVIATION INC - AIR CANADA WILL ALSO HAVE PRO RATA PRE-EMPTIVE RIGHTS TO MAINTAIN ITS OWNERSHIP PERCENTAGE IN CHORUS

* CHORUS AVIATION INC - AIR CANADA WILL SUBSCRIBE FOR 15.6 MILLION CLASS B VOTING SHARES IN CAPITAL OF CHORUS BY WAY OF PRIVATE PLACEMENT FOR $6.25/SHARE

* CHORUS AVIATION INC - TO USE ABOUT 60% OF INVESTMENT PROCEEDS TO BUY NINE ADDITIONAL NEW LARGER-GAUGE CRJ900 AIRCRAFT, OTHERS

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* CHORUS AVIATION INC - ANTICIPATED THAT AIR CANADA WILL HOLD ABOUT 9.99% OF CHORUS' OUTSTANDING CLASS A VARIABLE VOTING SHARE AND CLASS B VOTING SHARES

* CHORUS AVIATION INC - CHORUS WILL USE APPROXIMATELY 60% OF INVESTMENT PROCEEDS TO PURCHASE NINE ADDITIONAL NEW LARGER-GAUGE CRJ900 (76-SEAT) AIRCRAFT

* CHORUS AVIATION INC - CHORUS HAS CONDITIONALLY SECURED ABILITY TO PURCHASE CRJ900S

* CHORUS AVIATION INC - AIR CANADA WILL HOLD ITS INVESTMENT IN CO FOR AT LEAST 60 MONTHS

* CHORUS AVIATION INC - AIR CANADA WILL ALSO HAVE PRO RATA PRE-EMPTIVE RIGHTS TO MAINTAIN ITS OWNERSHIP PERCENTAGE IN CHORUS.

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