Ms. Pauline Dhillon reports

CARGOJET ANNOUNCES THE REDEMPTION OF ITS 5.75% SENIOR UNSECURED HYBRID DEBENTURES DUE APRIL 30, 2024

Cargojet Inc. intends to redeem in full on Dec. 29, 2023, all of its then-outstanding 5.75 per cent senior unsecured hybrid debentures due April 30, 2024, in accordance with the provisions of the indenture dated Nov. 6, 2018, between the corporation and Computershare Trust Company of Canada (the trustee).

The redemption price for the debentures will be 100 per cent of the aggregate outstanding principal amount, together with accrued and unpaid interest up to, but excluding, the redemption date. In accordance with the indenture, Cargojet intends to satisfy its obligation to pay the redemption price in cash. Interest upon the entire aggregate principal amount of the debentures will cease to be payable from and after the redemption date. The corporation intends to draw approximately $90-million under its non-revolving delayed-draw term loan facility and use such funds to redeem the debentures. In the 15 business days preceding the scheduled redemption date of Dec. 27, 2023, the trustee is not required to transfer or exchange any debentures.

The debentures are listed on the Toronto Stock Exchange under the symbol CJT.DB.D and will be delisted from the facilities of the Toronto Stock Exchange in connection with the redemption of the debentures. The 5.75 per cent senior unsecured hybrid debentures due April 30, 2025, and the 5.25 per cent senior unsecured hybrid debentures due June 30, 2026, remain outstanding and continue to be listed on the TSX under the symbols CJT.DB.E and CJT.DB.F, respectively.

About Cargojet Inc.

Cargojet is Canada's leading provider of time sensitive premium air cargo services to all major cities across North America, providing dedicated, ACMI (aircraft, crew, maintenance and insurance) and international charter services and carries over 25 million pounds of cargo weekly. Cargojet operates its network with its own fleet of 39 cargo aircraft.

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