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Enter Symbol
or Name
USA
CA



Chorus Aviation Inc
Symbol CHR
Shares Issued 159,156,662
Close 2019-10-04 C$ 7.56
Market Cap C$ 1,203,224,365
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Chorus Aviation acquires two ATR 72-600 aircraft

2019-10-07 10:02 ET - News Release

Mr. Joe Randell reports

CHORUS AVIATION EXPANDS LEASING PORTFOLIO WITH THE ADDITION OF TWO ATR 72-600S ON LEASE TO MALINDO AIR

Chorus Aviation Inc.'s Chorus Aviation Capital (CAC) has acquired two ATR 72-600 aircraft (MSNs 1147 and 1154) on lease to Malindo Air, a Malaysian operator forming part of the Lion Air Group. Earlier this year, CAC also delivered two new ATR 72-600 aircraft (MSNs 1577 and 1579) for lease to Malindo Air, bringing the total number of aircraft leased by CAC to the Lion Air Group to five. With these acquisitions, CAC has 581 commitments to date for its regional aircraft leasing business.

"We are delighted to expand our relationship with Malindo Air and the Lion Air Group in the fast-growing and increasingly significant Southeast Asian market," said Steve Ridolfi, president, CAC. "So far this year, we've secured lease commitments for 24 aircraft and continue to evaluate several additional opportunities. To date, we've grown the value of our leasing portfolio to approximately $1.1-billion (U.S.) with $815-million (U.S.) in future contract lease revenue."

"This solid growth trajectory has led to a very strong portfolio of brand name regional airlines with aircraft type and geographic diversity. Since the launch of the business, we have grown the regional aircraft leasing segment by an average of approximately 20 aircraft per year. In the near term, we have the capacity to continue with a similar rate of growth through a combination of additional debt and internally generated cash flows to fund the equity portion of the aircraft acquisitions," commented Joe Randell, president and chief executive officer, Chorus.

Upon the completion of this transaction, and four pending aircraft deliveries to other customers, CAC's portfolio will include 46 turboprops and 12 regional jets. When the aircraft earning leasing revenue under the capacity purchase agreement are added to the aircraft in CAC's portfolio, Chorus's total leased portfolio grows to 124 aircraft valued at approximately $2-billion (U.S.).

About Chorus Aviation Inc.

Headquartered in Halifax, N.S., Chorus was incorporated on Sept. 27, 2010. Chorus's vision is to deliver regional aviation to the world. Chorus has been leasing its owned regional aircraft into Jazz's Air Canada Express operation since 2011 and established CAC to become a leading, global provider of regional aircraft leases.

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