Chorus Aviation announces three-year committed operating credit facility

HALIFAX, Aug. 30, 2017

The facility provides Chorus and certain designated subsidiaries (collectively, the 'Credit Parties') with a committed limit of up to $50,000,000 with the opportunity to borrow up to a further $25,000,000 on a demand basis, subject in each case to a borrowing base calculation based principally on the value of eligible accounts receivable, inventory and equipment. This facility replaces $40,000,000 in demand operating credit facilities previously held by Chorus and certain of its subsidiaries.

The indebtedness under this facility is secured by all present and after-acquired personal property of the Credit Parties, excluding aircraft and engines. It contains customary representations, warranties and covenants, including maximum total leverage and fixed charge covenants.  Chorus Aviation Capital Corp. and its subsidiaries are excluded from the definition of Credit Parties.

"This facility provides Chorus with additional working capital financing in support of our existing lines of business while we continue to execute against our growth and diversification strategy," said Joe Randell, President and Chief Executive Officer, Chorus. "We are delighted to partner with CIBC and Scotiabank and appreciate their confidence in Chorus' business."

"We are very pleased to provide Chorus with this new banking facility and to help the Company during this exciting phase of its development" said Eric Métivier, Head of Corporate Banking for Canada at CIBC.

About Chorus

Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. Chorus' vision is to deliver regional aviation to the world.  Chorus owns Jazz Aviation and Voyageur Aviation – companies that have long histories of safe and solid operations that deliver excellent customer service in the areas of contract flying operations, engineering, fleet management, and maintenance, repair and overhaul.  Chorus has been leasing its owned regional aircraft into Jazz's Air Canada Express operation since 2009, and recently established Chorus Aviation Capital to become a leading, global provider of regional aircraft leases and support services. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. For more information about Chorus and its subsidiaries, see www.chorusaviation.ca.