Magellan Aerospace Corporation Announces Closing of its Offer to Purchase 8.5% Convertible Unsecured Subordinated Debentures

    TORONTO, May 21 /CNW/ - (TSX - MAL) Magellan Aerospace Corporation
("Magellan") announced on April 30, 2009 that it had made a cash offer (the
"Offer") to purchase all of the outstanding 8.5% convertible unsecured
subordinated debentures due January 31, 2010 (the "Debentures"). The Offer
expired at noon EST on May 21, 2009. Pursuant to the Offer, Magellan acquired
100% of the outstanding Debentures in exchange for aggregate cash
consideration of $21,921,142 ($21,473,750 of which represents payment in
respect of principal and premium and $447,392 of which represents payment of
accrued interest).

    About Magellan

    Magellan Aerospace Corporation is one of the world's most integrated and
comprehensive aerospace industry suppliers. Magellan designs, engineers, and
manufactures aeroengine and aerostructure assemblies and components for
aerospace markets, advanced products for military and space markets, and
complementary specialty products. Magellan is a public company whose shares
trade on the Toronto Stock Exchange (TSX: MAL), with operating units
throughout Canada, the United States and the United Kingdom.

    %SEDAR: 00002367E

For further information:

For further information: James S. Butyniec, (905) 677-1889 ext. 233,
President and Chief Executive Officer; John B. Dekker, (905) 677-1889 ext.
224, Vice President Finance & Corporate Secretary

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