Discovery Air Announces Equity Financing for Defence Business
Dec 22, 2017, 17:00 ET
TORONTO, Dec. 22, 2017 /CNW/ - Discovery Air Inc. ("Discovery Air") (TSX: DA.DB.A) announced today that Discovery Air Defence Services Inc. ("DA Defence") closed an equity financing transaction with a large third party institutional investor, pursuant to which, among other things, such third party institutional investor purchased $25 million of common shares of DA Defence from Discovery Air. Discovery Air continues to own approximately 10% of DA Defence. Discovery Air will use the proceeds of such transaction to, among other things, reduce its secured debt.
DA Defence also recently completed its own senior debt financing transaction with a syndicate of large Canadian financial institutions.
About Discovery Air
Discovery Air is a global leader in specialty aviation services including medevac equipped aircraft services, air charter services, helicopter operations, and transport and logistics support to ensure operational readiness, health, safety and vital lifelines for our clients and the communities we serve. Discovery Air's unsecured convertible debentures trade on the Toronto Stock Exchange (symbol DA.DB.A).
About Discovery Air Defence Services Inc.
DA Defence and its U.S. subsidiary, Top Aces Corp., have the world's largest privately-held operating fleet of fighter aircraft. The training provided supports the operational readiness of both current and future generation fighter aircraft. Discover more on how DA Defence is changing the face of air combat training at experiencematters.ca.
SOURCE Discovery Air Inc.
For further information: Investor Relations at 866-903-3247
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