Chorus Aviation announces aircraft leasing transaction with Emerald Airlines

A global provider of integrated regional aviation solutions

HALIFAX, NS, Aug. 23, 2021 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) announced today that Chorus Aviation Capital (‘CAC’) has executed agreements to lease six ATR 72-600 aircraft to Emerald Airlines of Dublin, Ireland. CAC expects to deliver the first of these aircraft in August 2021, with the remaining units following in the next twelve months.

“We extend a warm welcome to Emerald Airlines as a new customer to Chorus Aviation Capital. The Emerald management team has a wealth of experience in regional aviation, and we look forward to their success as the air service provider to Aer Lingus. We are honoured to be Emerald’s first choice as aircraft lessor,” said Steven Ridolfi, President, CAC.

“We couldn’t be happier with our partnership with Chorus Aviation Capital and look forward to taking delivery of our first six ATR72-600s.The ATR72 is an essential part of our strategy to offer high frequency, convenient, and affordable air travel across Ireland and the U.K.,” said Conor McCarthy, Founder and Chief Executive of Emerald Airlines. “ATRs have proven themselves in tough environments, featuring unrivalled performance, leading edge comfort and an unmatched reliability. These are the right aircraft for our passengers and our airline and will be a great asset to our company.”

“This transaction once again validates our belief in the resilience of the regional aviation sector,” commented Joe Randell, President and Chief Executive Officer, Chorus. “With this transaction, we have successfully remarketed 11 of the 13 aircraft repossessed by CAC since the onset of COVID-19.”

About Chorus Aviation Inc.

Chorus is a global provider of integrated regional aviation solutions. Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is comprised of Chorus Aviation Capital – a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation – companies that have long histories of safe operations with excellent customer service. Chorus provides a full suite of regional aviation support services that encompassesevery stage of an aircraft’s lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing and preparation; contract flying; and aircraft and component maintenance, disassembly, and parts provisioning.

Chorus’ Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. Chorus 6.00% Senior Debentures, 5.75% Senior Unsecured Debentures, and 6.00% Convertible Senior Unsecured Debentures trade on the Toronto Stock Exchange under the trading symbols ‘CHR.DB’, ‘CHR.DB.A’, and ‘CHR.DB.B’, respectively.

www.chorusaviation.com

About Emerald Airlines

Based out of Dublin, Emerald Airlines is Ireland’s newest regional airline. Offering a range of solutions including Franchise, ACMI and Private Charter flying, Emerald Airlines’ dedicated team of technical experts and industry specialists will provide customers with the fleet solutions to meet specific needs.

The management team is made up of highly experienced aviation professionals with extensive worldwide aviation experience. The team is fully committed to providing a high quality and customer focused service that will add untold value to their client’s businesses.

Guided by a set of core values, Emerald Airlines’ mission is to grow the business sustainability through innovation, expertise, and a commitment to exceeding the expectations of their customers and airline partners.

Chorus Aviation Announces Second Quarter 2021 Financial Results

Q2 2021 Key Metrics

  • Net income of $21.5 million, or $0.12 per basic share; a quarter-over-quarter decrease of $7.6 million primarily due to the continued impact of COVID-19 on results related to off-lease aircraft, negotiated amendments to certain lease agreements including extensions, the 2021 CPA amendments and lower unrealized foreign exchange gains of $10.7 million.
  • Adjusted net income1 of $11.4 million, or $0.06 per basic share; a decrease of $10.3 million quarter-over-quarter primarily due to the previously noted impact of COVID-19 on results and a reduction in earnings due to a lower US dollar foreign exchange rate.
  • Adjusted EBITDA1 of $76.9 million; a decrease of $14.2 million over second quarter 2020.
  • Liquidity of $177.9 million.
  • Collected approximately 67.0% of the Regional Aircraft Leasing segment’s lease revenue in the second quarter.

Recent Accomplishments

  • Revised capacity purchase agreement (‘CPA’) with Air Canada, enhancing Jazz’s position as the exclusive Air Canada Express operator of 70-78 seat regional capacity until the end of 2025 with the addition of 25 Embraer 175s to the Covered Fleet, and is currently the sole provider of Air Canada Express services.
  • Completed a public offering and concurrent private placement for gross proceeds of $145.1 million.
  • Remarketed three Dash 8-400s to two new leasing customers, Sky Alps of Italy (two aircraft) and one Dash 8-400 to National Jet Express, a subsidiary of Australian aviation operator, Cobham Aviation Services.
  • Secured a three-year contract with Purolator for air cargo charter services, executing on Chorus’ growing capabilities in this market segment.
  • Awarded a three-year contract to upgrade and modify Transport Canada’s National Aerial Surveillance Program fleet of three Dash 8-100 and one Dash 7-100 aircraft with new surveillance equipment.
  • Awarded a new five-year contract to provide fixed-wing air ambulance service for Ambulance New Brunswick further extending its 25-year relationship.
  • Awarded, in partnership with General Dynamics Mission Systems – Canada, an eight-year contract for the in-service support of the Canadian Armed Forces manned airborne intelligence surveillance and reconnaissance program.
  • Executed long-term leases with Connect Airlines for two off-lease Dash 8-400s, marking the successful placement of all Dash 8-400s repossessed in 2020 and reducing the number of off-lease aircraft from 13 to eight.

HALIFAX, NS, Aug. 11, 2021 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today announced second quarter 2021 financial results.

“Our second quarter delivered net earnings of $0.12 per basic share or $0.06 on an adjusted basis. We are managing our business well through these unprecedented times and continue to report positive financial results. While our second quarter earnings were negatively impacted by certain aircraft being off-lease, negotiation of certain lease amendments including extensions, the 2021 CPA amendments, and a lower US dollar exchange rate, I am pleased with the progress made in reducing debt and the stability we are seeing in lease rent collections,” stated Joe Randell, President and Chief Executive Officer, Chorus Aviation Inc.

“On the leasing front, with the addition of Connect Airlines of Boston as a new leasing customer, we’ve now remarketed all of our off-lease Dash 8-400 aircraft. We repossessed these aircraft in 2020 and reconfigured them for return-to-service at our facilities in North Bay and Halifax. I’m proud of our team’s collaborative efforts in finding opportunities and delivering integrated solutions to place these assets with new customers in this very challenging environment.

“Our recent contract awards at Voyageur have expanded our reach into cargo operations and special mission work in the aerospace and defense sectors. Work under our new contract with Transport Canada has begun and we anticipate beginning to generate revenue at the end of the third quarter. Our new partnership with General Dynamics Mission Systems – Canada is in the initial stages as we prepare for the first aircraft arrival scheduled in September with the expectation of being fully operational by the third quarter of 2022.

“The transition of the E175s into the Air Canada Express fleet is progressing very well, and we anticipate completing the induction of these 25 aircraft by the end of this month. We’re very pleased to be recalling employees as regional flying resumes.

“Overall, I’m pleased with how we’re navigating through this ongoing crisis. We’ve created additional balance sheet flexibility by significantly reducing our adjusted net debt, and we’re successfully remarketing off-lease aircraft by putting these assets to good work with new customers,” concluded Mr. Randell.

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Chorus Aviation announces aircraft leasing transactions with Connect Airlines

A global provider of integrated regional aviation solutions

HALIFAX, NS, Aug. 4, 2021 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) announced today that Chorus Aviation Capital (‘CAC’) has entered into agreements to lease two Dash 8-400 aircraft to Waltzing Matilda Airlines, LP (‘WMA’), doing business as Connect Airlines. CAC expects to deliver the aircraft in September and November 2021.

“We are delighted to welcome Connect Airlines to our family of lessees and look forward to building a strong partnership with this new and exciting U.S. scheduled passenger carrier,” commented Steven Ridolfi, President, CAC.

“We commend the team at CAC for supporting our launch of Connect Airlines. Connect’s selection of the venerable and Canadian-built Dash 8-400 turboprop aircraft demonstrates our confidence in its passenger and operational advantages,” commented John Thomas, Chief Executive Officer of WMA.

These two aircraft are the last two remaining Dash 8-400s previously operated by Flybe and repossessed by CAC in 2020. Inclusive of the previously announced transactions with Cobham and Sky Alps, CAC has now remarketed and successfully placed all the repossessed Dash 8-400 aircraft. All aircraft underwent reconfiguration and return-to-service work at Chorus’ subsidiaries, Voyageur Aviation and Jazz Technical Services.

“I’m proud of the Chorus team’s collaborative efforts in finding opportunities and delivering integrated solutions to remarket our aircraft in this challenging environment” said Joe Randell, President and Chief Executive Officer, Chorus. “Our decades of experience as a regional operator together with our expertise in providing a full suite of regional aviation services differentiate Chorus from the competition.”

About Chorus Aviation Inc.

Chorus is a global provider of integrated regional aviation solutions. Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is comprised of Chorus Aviation Capital – a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation – companies that have long histories of safe operations with excellent customer service. Chorus provides a full suite of regional aviation support services that encompassesevery stage of an aircraft’s lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing and preparation; contract flying; and aircraft and component maintenance, disassembly, and parts provisioning.

Chorus’ Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. Chorus 6.00% Senior Debentures, 5.75% Senior Unsecured Debentures, and 6.00% Convertible Senior Unsecured Debentures trade on the Toronto Stock Exchange under the trading symbols ‘CHR.DB’, ‘CHR.DB.A’, and ‘CHR.DB.B’, respectively.

www.chorusaviation.com

About Waltzing Matilda Aviation

WMA is an affiliate of Waltzing Matilda Aviation, LLC, a Boston-based jet charter operator that began private operations in June 2008 and has operated thousands of hours of safe and reliable flying with a focus on delivering superior customer service. Waltzing Matilda will launch a new scheduled airline in Q4 2021 under the Connect Airlines brand. Connect Airlines will be based at the Billy Bishop Toronto City Airport, offering routes to points in the Northeast and Midwest U.S., using Dash 8-400 aircraft.

Chorus subsidiary Voyageur Aviation and General Dynamics Awarded Manned Airborne Intelligence Surveillance and Reconnaissance In-Service Support Contract

HALIFAX, NS, May 13, 2021 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) is proud to announce that its subsidiary, Voyageur Aviation Corp. (‘Voyageur’), in partnership with General Dynamics Mission Systems–Canada, has been awarded the In-Service-Support (‘ISS’) contract for the Manned Airborne Intelligence Surveillance and Reconnaissance (‘MAISR’) program. The initial in-service support contract is for approximately 8 years. The contract could be extended for over 20 years.

Voyageur and General Dynamics will support the Canadian Armed Forces (‘CAF’) intelligence, surveillance, and reconnaissance needs, while servicing its newly acquired fleet of three Beechcraft King Air 350ERs and associated mission systems.

Together, Voyageur and General Dynamics bring proven aircraft ISS, deployed operations support, material management, aircraft maintenance, airworthiness, and supply chain management experience – all elements that are critical to the successful achievement of the MAISR ISS program.

“We are pleased to have the opportunity to partner with General Dynamics to deliver world class support to the Canadian Armed Forces. Chorus has a unique suite of integrated regional aviation and special mission solutions which are once again being demonstrated here,” said Joe Randell, President and Chief Executive Officer, Chorus. 

“For almost 20 years, Voyageur has gained expertise in supporting our own special mission and humanitarian air services deployed around the globe,” said Scott Tapson, President, Voyageur.  “We are delighted to be combining this experience with General Dynamics in supporting the CAF with our collective capabilities.”

“General Dynamics has over 70 years of experience working closely with the CAF and welcomes the opportunity to now build on that,” said David Ibbetson, vice president and general manager of General Dynamics Mission Systems–International. “We are pleased to work with North Bay-based Voyageur to leverage our combined technical expertise and deep understanding of the ISR mission set, while ensuring MAISR fleet availability and mission success for years to come.”

Due to the long-term nature, and scope of this contract, an office will be set up and staffed at 8 Wing, CFB Trenton. Approximately 40 highly skilled jobs, split between General Dynamics and Voyageur employees, will be created and sustained in Central and Northeastern Ontario.

About Voyageur Aviation Corp.

Voyageur Aviation Corp. is a wholly owned subsidiary of Chorus Aviation Inc. Voyageur is an integrated provider of specialized aviation services, including contract flying operations both internationally and domestically, and offers advanced engineering and maintenance capabilities. Headquartered in North Bay, Ontario, Voyageur delivers innovative solutions to customers with unique aviation requirements and operates under the core principles of comprehensive safety management, quality assurance, and client-dedicated solutions.  For more information, visit www.voyav.com.

About Chorus Aviation Inc.

Chorus is a global provider of integrated regional aviation solutions. Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is comprised of Chorus Aviation Capital – a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation – companies that have long histories of safe operations with excellent customer service. Chorus provides a full suite of regional aviation support services that encompasses every stage of an aircraft’s lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing and preparation; contract flying; and aircraft and component maintenance, disassembly, and parts provisioning.

Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. Chorus 6.00% Senior Debentures, 5.75% Senior Unsecured Debentures, and 6.00% Convertible Senior Unsecured Debentures trade on the Toronto Stock Exchange under the trading symbols ‘CHR.DB’, ‘CHR.DB.A’, and ‘CHR.DB.B’, respectively.

For more information, visit www.chorusaviation.com.

About General Dynamics

General Dynamics Mission Systems–Canada delivers advanced system solutions to Canadian and international customers. Headquartered in Ottawa, Ontario, it is one of the largest defence and security companies in Canada and is a world-class prime contractor and systems integrator for military and public safety applications. For more information on General Dynamics Mission Systems, visit www.gdmissionsystems.ca

Chorus Aviation Announces First Quarter 2021 Financial Results

Q1 2021 Key Metrics

  • Net loss of $38.1 million, or $0.24 per basic share; a period-over-period decrease of $20.8 million due to one-time restructuring costs related to the 2021 capacity purchase agreement (‘CPA’) amendments of $81.8 million as outlined below, offset by the changes in unrealized foreign exchange of $45.4 million and income taxes.
  • Adjusted net income1 of $15.7 million, or $0.10 per basic share; a decrease of $8.1 million quarter-over-quarter primarily due to the impact of COVID-19.
  • Adjusted EBITDA1 of $84.0 million; a decrease of $4.5 million over first quarter 2020.
  • Liquidity of $171.3 million.
  • Collected approximately 62% of lease revenue billed in the first quarter consistent with fourth quarter 2020 collections.

Year-to-date Highlights

  • Revised CPA with Air Canada, enhancing Jazz’s position as the exclusive Air Canada Express operator of 70-78 seat regional capacity until the end of 2025 and is currently the sole provider of Air Canada Express services.
  • Completed a public offering and concurrent private placement for gross proceeds of $145.1 million.
  • Remarketed three Dash 8-400s to two new leasing customers, Sky Alps of Italy (two aircraft) and one Dash 8-400 to National Jet Express, a subsidiary of Australian aviation operator, Cobham Aviation Services.
  • Secured a three-year contract with Purolator for air cargo charter services, executing on Chorus’ growing capabilities in this market segment.
  • Awarded a 3-year contract to upgrade and modify Transport Canada’s National Aerial Surveillance Program fleet of Dash 8-100 and Dash 7 aircraft with new surveillance equipment.
  • Awarded a new five-year contract to provide fixed-wing air ambulance service for Ambulance New Brunswick further extending its 25-year relationship.

HALIFAX, NS, May 12, 2021 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today announced first quarter 2021 financial results and an update on the impact of COVID-19.

“I am proud and encouraged by our accomplishments so far this year,” commented Joe Randell, President and Chief Executive Officer, Chorus. “While our industry continues to be challenged by the negative effects of COVID-19, we have made considerable progress towards ensuring we emerge from the pandemic in the strongest position possible.”

From Air Canada

“In March we revised our CPA with Air Canada to our mutual benefit. The two primary highlights are the transfer of 25 Embraer 175 aircraft to Jazz, and the introduction of a cap on the controllable cost guardrail receivable. With the transfer of the aircraft, Jazz is currently the sole operator of Air Canada Express flights and has the exclusive right to operate 70 – 78 seat regional capacity until 2025. As our work with Air Canada on recovery plans continues, these revisions further strengthen our relationship and provides significant network efficiencies and planning flexibility – elements that are vital as service resumptions are implemented. The new cap on the controllable cost guardrail reduces our financial exposure and minimizes draws on our working capital. Finally, the recent support of the Canadian government to Air Canada was a welcomed announcement as it helped preserve regional services across our nation.”

“While there remains uncertainty, our industry is starting to experience some encouraging signs of renewed travel demand, most particularly in regional and short-haul markets. This was evidenced by our recent long-term lease agreements with two new leasing customers, Sky Alps of Italy, and Cobham Aviation Services of Australia. The aircraft, three Dash 8-400s, were repossessed by Chorus in 2020 and underwent reconfiguration and return-to-service work at Voyageur and Jazz Technical Services. This is what differentiates Chorus from the competition – not only are we an airline operator, we offer a broad range of solutions to remarket aircraft in the midst of one of the most challenging periods in aviation history.”

“Although we paused our growth and diversification strategy in 2020 to focus on liquidity, it remains a corporate priority. Our capital raise in April was over-subscribed and generated gross proceeds of $145.1 million, thus enabling us to improve our balance sheet and prudently seek growth opportunities.”

“The recent contracts awarded to Voyageur by Purolator, Transport Canada and Ambulance New Brunswick are a testament to the incredible skill and ingenuity of the team and clearly position us as a premiere special mission service providerWe are pleased to grow our relationships with these important customers and are very excited to be expanding our capabilities to include cargo contract flying on behalf of Purolator. We view the cargo market as a growth opportunity that is benefiting from the successes of e-commerce and look forward to participating in this evolving sector.”

“We are proud of the way we are managing through this pandemic and have centered our attention on the future. I’m very grateful to our employees for delivering terrific accomplishments despite all the challenges associated with the global pandemic. We are well positioned to take advantage of future opportunities,” concluded Mr. Randell.

Link to full news release

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Chorus Aviation announces three-year cargo charter services agreement with Purolator

HALIFAX, NS, May 5, 2021 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) is proud to announce that its subsidiary, Voyageur Aviation Corp. (‘Voyageur’), has signed a contract with Purolator Inc. (‘Purolator’) for the provision of air cargo charter services. The term of the contract is for three years, effective April 12, 2021 and follows the successful completion of an initial six-month trial service. 

“We are delighted to have established this relationship with Purolator and honored they have chosen us to serve their valued customers. We have been active in air cargo through the conversion of several Dash 8 aircraft to package freighters, however, this contract with Purolator marks a meaningful step in the expansion of our capabilities in the cargo market,” said Joe Randell, President and Chief Executive Officer, Chorus.  “For Chorus, the air cargo market is a growing area of focus. This is another example of our integrated offering of regional services, and evidence of our ability to utilize regional assets at various life stages.”

“These services demonstrate our ability to deliver solutions to customers with unique aviation requirements,” said Scott Tapson, President, Voyageur. “I am proud of the Voyageur team in securing this important contract.”

“Purolator is always investing in our network to meet the needs of our customers,” says Chris Spanjaard, Senior Vice President and Chief Operations Officer, Purolator. “This agreement with Voyageur complements our existing network and enhances our capability to service our cross-border business and customers with high-priority express shipments.” 

Under this new agreement, Voyageur will replace two Dash 8-100 Simplified Package Freighters (SPF) currently used for the trial service with two Dash 8-100 Package Freighters (PF). The Dash 8-100 PF was designed and developed by Voyageur, an Approved Maintenance Organization (AMO) and Design Approval Organization (DAO). The Dash 8-100 PF is designed to carry a typical payload of 10,400 pounds / 4,500 kilograms and a volume of 1,380 cubic feet / 39 cubic meters. This gives the aircraft the largest payload in the class of medium regional turboprops (30-40 passenger capacity) that have been subject to cargo conversion programs and represents a 38 percent increase in volume capacity over the Dash 8-100 SPF.

About Chorus Aviation Inc.

Chorus is a global provider of integrated regional aviation solutions. Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is comprised of Chorus Aviation Capital – a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation – companies that have long histories of safe operations with excellent customer service. Chorus provides a full suite of regional aviation support services that encompasses every stage of an aircraft’s lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing and preparation; contract flying; and aircraft and component maintenance, disassembly, and parts provisioning.

About Purolator 

Purolator Inc. is a leading integrated freight, package and logistics solutions provider in Canada. Celebrating 60 years of delivering its customers’ promises, Purolator continues to expand its reach and renowned service levels and reliability to more people, more businesses and more places across the country and around the world.  Purolator is proud of its Canadian heritage and is focused on sustainably positioning itself for future growth and success. Purolator is also committed to contributing to the well-being of the communities it serves and where more than 13,000 of its employees live, work and play. For more information, visit purolator.com. 

Voyageur Aviation awarded contract to upgrade Canada’s National Aerial Surveillance Program (NASP) fleet

HALIFAX, NS, April 29, 2021 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) is proud to announce that its subsidiary, Voyageur Aviation Corp. (‘Voyageur’), has been awarded a 3-year contract to upgrade and modify Transport Canada’s National Aerial Surveillance Program (NASP) fleet of three Dash 8-100 and one Dash 7 aircraft with new surveillance equipment.

Since 1991, the iconic red planes of NASP have played an integral role in keeping our country safe by helping prevent pollution in Canadian waters, protecting the marine environment and endangered marine life, and ensuring a safe and efficient transportation industry along Canada’s massive and varied coastlines.

The contract involves the entire NASP fleet and includes the installation of surveillance equipment provisions for an electro-optical and infrared (‘EO/IR’) sensor, infrared and ultraviolet (‘IR/UV’) scanner for pollution monitoring, observation windows, mission crew seats, and other modifications to existing system installations. Additionally, one Dash 8-100 aircraft will receive Voyageur’s Long-Range Fuel System installation to enable missions requiring significant range and endurance.

“This contract demonstrates Voyageur’s unique engineering capabilities to support customers requiring innovative special mission solutions.” said Scott Tapson, President, Voyageur. “We are excited to expand our relationship with Transport Canada and look forward to working together on this project.”

All work for this contract will be completed at Voyageur’s 200,000 square foot maintenance and engineering facility located at its company headquarters in North Bay, Ontario.

About Voyageur Aviation Corp.

Voyageur Aviation Corp. is a wholly-owned subsidiary of Chorus Aviation Inc. Voyageur is an integrated provider of specialized aviation services, including contract flying operations both internationally and domestically, and offers advanced engineering and maintenance capabilities. Headquartered in North Bay, Ontario, Voyageur delivers innovative solutions to customers with unique aviation requirements and operates under the core principles of comprehensive safety management, quality assurance, and client-dedicated solutions.   www.voyav.com

About Chorus Aviation Inc.

Chorus is a global provider of integrated regional aviation solutions. Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is comprised of Chorus Aviation Capital – a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation – companies that have long histories of safe operations with excellent customer service.  Chorus provides a full suite of regional aviation support services that encompasses every stage of an aircraft’s lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing and preparation; contract flying; and aircraft and component maintenance, disassembly, and parts provisioning.

Chorus Aviation announces aircraft leasing transaction with Cobham Aviation Services

A global provider of integrated regional aviation solutions

HALIFAX, NS, April 14, 2021 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) announced today that Chorus Aviation Capital (‘CAC’) has leased one Dash 8-400 aircraft (MSN 4224) to National Jet Express, a subsidiary of Cobham Aviation Services (‘Cobham’).

“We are very pleased to welcome Cobham to our family of lessees,” said Steven Ridolfi, President, CAC. “A leading provider of contract aviation services in Australia, Cobham has a long history of excellence and innovation in the field of aviation. We look forward to building a mutually rewarding relationship with this high-calibre customer.”

This aircraft, which CAC repossessed in 2020, was modified and repurposed by Chorus’ subsidiary, Voyageur Aviation Corp., to support Cobham’s operations to both paved and unpaved runways at remote sites throughout Australia.

About Chorus Aviation Inc.

Chorus is a global provider of integrated regional aviation solutions. Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is comprised of Chorus Aviation Capital – a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation – companies that have long histories of safe operations with excellent customer service. Chorus provides a full suite of regional aviation support services that encompassesevery stage of an aircraft’s lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing and preparation; contract flying; and aircraft and component maintenance, disassembly, and parts provisioning.

Chorus’ Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. www.chorusaviation.com

About Cobham Aviation Services

As a leading specialist aviation operator in Australia, Cobham Aviation Services provides fly-in, fly-out services in support of mining, oil and gas projects; critical freight and VIP charters. Cobham also conducts aerial border surveillance and search-and-rescue operations spanning the country’s exclusive economic zone and SAR region.

Cobham partners with like-minded primes, suppliers, industry, and government organizations to deliver innovative solutions for its clients through technology, aviation expertise and teamwork.

Chorus Aviation announces aircraft leasing transaction with Sky Alps

Delivering regional aviation to the world

HALIFAX, NS, April 12, 2021 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) announced today that Chorus Aviation Capital (‘CAC’) has entered into agreements to lease two Dash 8-400 aircraft to Sky Alps of Bolzano, Italy. CAC expects to deliver the aircraft (MSNs 4230 and 4237) in April and May 2021.

“We are delighted to welcome Sky Alps as a new customer and look forward to supporting their success,” commented Steven Ridolfi, President, CAC. “We have been very impressed by the entrepreneurial spirit and business vision of the Sky Alps management team, including their introduction of regional connectivity to the northeastern Italian market, and we are excited at the growth potential of this market.”

“Sky Alps is very pleased to have selected CAC as our aircraft supplier for the initial launch of services from our South Tyrol base in Bolzano with two Dash 8-400 on long-term operating leases. Throughout our engagement, CAC has demonstrated its expertise in regional aviation matters and its commitment to Sky Alps operations. The Dash 8-400 will play a key role in the development of leisure and business access to our region,” added Josef Gostner, President of Sky Alps.

“History has shown that during downturns impacting the aviation sector, the regional market is the most resilient. Sky Alps is a terrific example of an operator seizing the opportunity to start up a new service as regional air travel begins to lead the recovery in global air travel,” said Joe Randell, President and Chief Executive Officer, Chorus. “Further, the successful remarketing of these aircraft, which were repossessed by CAC in 2020 and underwent extensive reconfiguration and return-to-service work performed by Voyageur and Jazz Technical Services, is a testament to Chorus’ broad ability to find opportunities and execute on comprehensive solutions to remarket our aircraft in the midst of one of the most challenging periods in aviation history,” concluded Mr. Randell.

About Sky Alps

Sky Alps is a subsidiary company of the Fri-El Green Power S.p.A., one of the leading companies in the renewable energy field in Italy. They also hold an important position in the management and development on the future advancements of the airport in Bolzano.

Based in Bolzano, Italy, Sky Alps will begin domestic scheduled services to the Alpine region in the summer season of 2021, with a fleet of Dash 8-400 aircraft.

About Chorus Aviation Inc.

Chorus is a global provider of integrated regional aviation solutions. Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is comprised of Chorus Aviation Capital – a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation – companies that have long histories of safe operations with excellent customer service. Chorus provides a full suite of regional aviation support services that encompasses every stage of an aircraft’s lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing and preparation; contract flying; aircraft and component maintenance, disassembly, and parts provisioning.

www.chorusaviation.com

Chorus Aviation closes $115 million bought deal public offering and concurrent $30 million private placement from AIMCo and NordStar Capital

Over-allotment option fully exercised

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

HALIFAX, Nova Scotia, April 06, 2021 (GLOBE NEWSWIRE) — Chorus Aviation Inc. (“Chorus” or the “Company”) (TSX: CHR) announced today that it has completed its previously announced bought deal public offering (the “Offering”) of units of Chorus (the “Units”) and of convertible senior unsecured debentures (the “Debentures”) for aggregate gross proceeds of $115 million. Each Unit is comprised of one common share (the “Common Shares”) of the Company which, for greater certainty, means Class B Voting Shares for Canadian investors and Class A Variable Voting Shares for non-Canadian investors, and one-half of a Common Share purchase warrant of the Company.

In connection with the Offering, the Company issued from treasury $57.5 million of Units and $57.5 million aggregate principal amount of Debentures, including $7.5 million of Units and $7.5 million aggregate principal amount of Debentures issued as a result of the full exercise of the over-allotment option granted to the syndicate of underwriters led by RBC Capital Markets, as bookrunner.

In addition, Chorus issued to Alberta Investment Management Corporation (“AIMCo”), on behalf of certain of its clients, and NordStar Capital an aggregate of $15 million of Units and $15 million aggregate principal amount of Debentures (the “Private Placement”).

The net proceeds of the Offering and the Private Placement will be used to position Chorus to pursue growth opportunities (including purchasing additional aircraft to continue expanding Chorus’ regional aircraft leasing business and expanding into additional contracted flying operations), provide additional balance sheet flexibility, repay indebtedness and for general corporate purposes.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful. The Units and Debentures have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act of 1933 and other applicable securities laws.

About Chorus

Chorus is a global provider of integrated regional aviation solutions. Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is comprised of Chorus Aviation Capital – a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation – companies that have long histories of safe operations with excellent customer service. Chorus provides a full suite of regional aviation support services that encompasses every stage of an aircraft’s lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing, and preparation; contract flying; and aircraft and component maintenance, disassembly, and parts provisioning. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. www.chorusaviation.com

About AIMCo

AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than C$120 billion of assets under management. AIMCo was established on January 1, 2008 with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 33 pension, endowment and government funds in the Province of Alberta. AIMCo’s head office is located in Edmonton, Alberta, with additional offices located in Toronto, London, and Luxembourg. More information is available at www.aimco.ca.

About NordStar Capital

NordStar Capital is a Canadian company led by Jordan Bitove and Paul Rivett, and wholly owned by the Bitove and Rivett families. NordStar Capital is a long-term focused, relationship-based, innovative funding and advisory services firm.