MISSISSAUGA,
ON, Nov. 13, 2024 /CNW/ - Cargojet Inc.
("Cargojet" or the "Corporation") (TSX: CJT) today
announced its intention to redeem in full on December 27, 2024 (the "Redemption Date")
all of its then-outstanding 5.75% senior unsecured hybrid
debentures due April 30, 2025 (the
"Debentures") in accordance with the provisions of the
indenture (the "Indenture") dated November 6, 2018 between the Corporation and
Computershare Trust Company of Canada (the "Trustee").
The redemption price (the "Redemption
Price") for the Debentures will be 100% of the aggregate
outstanding principal amount, together with accrued and unpaid
interest up to, but excluding, the Redemption Date. In accordance
with the Indenture, Cargojet intends to satisfy its obligation to
pay the Redemption Price in cash. Interest upon the entire
aggregate principal amount of the Debentures will cease to be
payable from and after the Redemption Date. The Corporation intends
to draw approximately $117 million
under its revolving operating credit facility and use such funds to
redeem the Debentures. In the 15 business days preceding the
scheduled Redemption Date of December 27,
2024, the Trustee is not required to transfer or exchange
any Debentures.
The Debentures are listed on the TSX under the
symbol "CJT.DB.E" and will be delisted from the facilities of the
Toronto Stock Exchange in connection with the redemption of the
Debentures. The 5.25% senior unsecured hybrid debentures due
June 30, 2026 remain outstanding and
continue to be listed on the TSX under the symbol "CJT.DB.F".
Cargojet is Canada's leading provider of time sensitive
premium air cargo services to all major cities across North America, providing Dedicated, ACMI and
International Charter services and carries over 25,000,000 pounds
of cargo weekly. Cargojet operates its network with its own fleet
of 41 aircraft.
Notice on Forward-Looking Statements:
Certain statements contained herein constitute
"forward-looking statements". 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
most recent Annual Information Form filed with the Canadian
securities regulators, and its most recent Annual Consolidated
Financial Statements and Quarterly Financial Statements and Notes
thereto and related Management's Discussion and Analysis
(MD&A), for a summary of major risks. 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 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.
SOURCE Cargojet Inc.
