Chorus Aviation secures $300 million in financing to support its regional aircraft leasing business

victoria@aviationnews-online.com
By victoria@aviationnews-online.com January 31, 2019 14:52

Chorus Aviation secures $300 million in financing to support its regional aircraft leasing business

Dentons has advised Chorus Aviation Capital, a wholly-owned subsidiary of Canada-headquartered Chorus Aviation, on a US $300 million committed, revolving credit facility to be used to finance future aircraft acquisitions for its regional aircraft leasing business.

Established in 2017, Chorus Aviation Capital’s current portfolio consists of 34 aircraft valued at $750 million. It is focused on building a portfolio of new and mid-life regional aircraft, while leveraging the synergies inherent within its sister companies to provide a full suite of regional aviation services. It currently has relationships with 12 regional airlines based in 12 countries.

The facility is led by Deutsche Bank as lead arranger and structuring agent and includes Barclays and the Royal Bank of Canada as syndicate members.

Nick Chandler, UK partner and chair of Dentons’ Global Aviation group, said, “We are delighted to have advised Chorus on securing this important funding, and to support it in the next phase of its growth as a key player in the global aviation market.”

Steve Ridolfi, President of Chorus Aviation Capital Corp., said, “This facility will provide a committed and flexible source of debt capital further enhancing our ability to grow our regional aircraft portfolio. This announcement is an important step in our evolution, greatly increasing our capacity and enabling us to pursue a broader range of potential transactions. The strong bank support we received during this process is a testament to their confidence in our business plan and team.”

Alongside Nick Chandler, the Dentons team included Capital Markets partner Michael McGrath in New York, Structured Finance and Securitisation partner Peter Voisey in London, and Aviation Finance associates Grace Stobbart and Sam Wager in London.

victoria@aviationnews-online.com
By victoria@aviationnews-online.com January 31, 2019 14:52