Ms. Manon Stuart reports

CHORUS AVIATION ANNOUNCES CLOSING OF $75 MILLION BOUGHT DEAL OFFERING OF 5.75% SENIOR UNSECURED DEBENTURES

Chorus Aviation Inc. has closed its previously announced bought deal offering of $75-million aggregate principal amount of senior unsecured debentures at a price of $1,000 per debenture. The net proceeds of the offering will be used to finance the growth of Chorus Aviation Capital (Chorus's aircraft leasing business), including the acquisition of aircraft intended for or currently on lease to third parties, as well as for working capital requirements and general corporate purposes.

The debentures bear interest at a rate of 5.75 per cent per annum, payable semi-annually in arrears on June 30 and Dec. 31 of each year, commencing June 30, 2020, and will mature on Dec. 31, 2024. The debentures will commence trading today on the Toronto Stock Exchange under the symbol CHR.DB.A.

Subject to any required regulatory approval and provided no event of default has occurred and is continuing under the terms of the indenture governing the debentures, Chorus will have the option to satisfy its obligation to pay the principal amount of the debentures due at redemption or maturity (together with any applicable premium) by delivering freely tradeable Class B voting shares to holders of the debentures who are Canadians (as defined in the Canada Transportation Act) or Class A variable voting shares to debentureholders who are not qualified Canadians.

The debentures are not convertible into voting shares by debentureholders at any time.

A syndicate co-led by CIBC Capital Markets and RBC Capital Markets, and including Scotiabank, National Bank Financial Inc., TD Securities Inc., BMO Capital Markets, Canaccord Genuity Corp., Cormark Securities Inc. and Paradigm Capital Inc., acted as underwriters for the offering. Chorus has granted the underwriters an option to purchase up to an additional $11.25-million aggregate principal amount of debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following the closing of the offering.

About Chorus Aviation Inc.

Chorus Aviation is a global provider of integrated regional aviation solutions.

We seek Safe Harbor.