MISSISSAUGA, ON, Sept. 28, 2018 /CNW/ - Cargojet Inc. ("Cargojet" or the "Corporation") (TSX: CJT, CJT.A) today announced an amended and extended $400 million revolving 5-year credit facility (the "Credit Facility") pursuant to a series of amendments and an extension to its existing credit agreement with a syndicated lending group led by the Royal Bank of Canada and supported by the Canadian Imperial Bank of Canada, National Bank of Canada, The Bank of Nova Scotia, Bank of Montreal, Laurentian Bank of Canada and Raymond James Finance Company of Canada Ltd. The Credit Facility is due to mature on August 17, 2023 and amends and extends the Corporation's previous $225 million revolving credit facility that was due to mature on April 7, 2020 as well as its delayed-draw term loan facility in the principal amount of $75 million that was due to mature on April 7, 2022 and which has now been terminated.
"This amended and extended Credit Facility provides Cargojet with increased capacity, better terms and more flexibility to execute our growth strategy," said Ajay Virmani, President and Chief Executive Officer.
Cargojet is Canada's leading provider of time sensitive overnight air cargo services and carries over 1,300,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft.
Notice on Forward Looking Statements:
Certain statements contained herein constitute "forward-looking statements", including with respect to the anticipated benefits of the amended and extended Credit Facility. Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "intends," "anticipates," "should," "estimates," "expects," "believes," "indicates," "targeting," "suggests" and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Reference should be made to the issuer's public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with the Canadian securities regulators, and it's most recent Consolidated Financial Statements and Notes thereto and related Management's Discussion and Analysis (MD&A), for a summary of material risks. These risks are not intended to represent a complete list of the risks that could affect the issuer; however, these risks should be considered carefully. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. The forward-looking statements contained herein describe the issuer's expectations at the date of this news release and, accordingly, are subject to change after such date. The issuer assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Readers are cautioned not to place undue reliance on these forward-looking statements.
SOURCE Cargojet Inc.
For further information: Pauline Dhillon, Executive Vice President Marketing, Government & Public Relations, Tel: (905) 501 7373, [email protected]