HALIFAX, NS, December 31, 2021 / CNW / – Refrain Aviation Inc. (“Refrain”) (TSX: CHR) broadcasts in the present day that it has acquired $ 85,000,000 principal quantity (the “Redeemed Debentures”) of the 6% Refrain Senior Debentures due December 31, 2024 (the “6.00% Debentures”). Following this redemption, $ 115,000,000 complete principal of 6.00% The debentures stay at present excellent.

The redeemed debentures have been redeemed at par (being $ 1,000 for every $ 1,000 principal quantity of redeemed debentures), plus accrued and unpaid curiosity as much as the date of redemption, however excluding. The redemption was financed with the web proceeds of the 5.75% senior unsecured debentures due. June 30, 2027 (revealed by Refrain on September 27, 2021), in addition to the obtainable liquidity of Refrain.

The 6.00% Debentures are secured by sure Sprint 8-100 and Sprint 8-300 and actual property owned by subsidiaries of Refrain (the “Collateral”). The collateral will likely be launched on the earliest of the next dates: (i) Fairfax Monetary Holdings Restricted, its subsidiaries or associates (collectively, “Fairfax”) ceasing to carry the entire issued and excellent 6.00% Debentures and (ii) the redemption of the entire 6.00% Debentures.

In reference to the issuance of the 6.00% debentures, Refrain issued 24,242,424.242 warrants to Fairfax permitting their holder to accumulate, upon train of every warrant and topic to sure changes, one class A variable voting share or one class B voting share of Refrain at a worth of $ 8.25 per share (the “warrants”). Warrants could also be exercised till the primary of the next two occasions: (i) the enterprise day instantly previous the maturity date of the 6.00% Debentures and (ii) the date on which all 6.00% Debentures, 00% have been redeemed.

Ahead-looking data

This press launch incorporates “forward-looking data” throughout the which means of relevant Canadian securities legal guidelines. Ahead-looking data is recognized by way of phrases and expressions comparable to “anticipate”, “imagine”, “would possibly”, “estimate”, “anticipate”, “intend”, “would possibly” , “plan”, “predict”, “potential”, “venture”, “will”, “would” and comparable phrases and expressions, together with references to hypotheses. Ahead-looking data entails identified and unknown dangers, uncertainties and different elements which will trigger precise outcomes, efficiency or achievements to vary materially from these expressed in forward-looking data. Examples of statements containing forward-looking data on this press launch embrace the early redemption of the 6.00% Debentures. The outcomes proven within the forward-looking data could differ materially from precise outcomes for various causes, together with the chance elements described in Refrain’ most up-to-date annual data kind and within the Administration’s Dialogue and Evaluation of Working Outcomes and Monetary Situation. . Statements containing forward-looking data on this press launch are made as of the date of this press launch and Refrain assumes no obligation to publicly replace such statements to replicate new data, subsequent occasions or in any other case, besides as required. by relevant securities legal guidelines.

About Refrain Aviation Inc.

Refrain is a worldwide supplier of built-in regional aviation options. Refrain’s imaginative and prescient is to supply regional aviation to the world. Primarily based at Halifax, Nova Scotia, Refrain is comprised of Refrain Aviation Capital, one of many world’s main regional plane lessors, and Jazz Aviation and Voyageur Aviation – firms with a protracted historical past of secure operation with glorious customer support. Refrain offers a full vary of regional aviation help companies that embody all phases of the plane life cycle, together with the acquisition and leasing of plane; refurbishment, engineering, modification, reassignment and preparation of plane; flight contract; upkeep, disassembly and procurement of plane components and elements.

The Class A Variable Voting Shares and Class B Voting Shares of Refrain commerce on the Toronto Inventory Alternate beneath the image “CHR”. 6.00% Refrain Debentures, 5.75% Senior Unsecured Debentures Due December 31, 20246.00% senior unsecured convertible debentures due June 30, 2026, and 5.75% of senior unsecured debentures due June 30, 2027 commerce on the Toronto Inventory Alternate beneath the symbols “CHR.DB”, “CHR.DB.A”, “CHR.DB.B” and “CHR.DB.C”, respectively.

SOURCE Refrain Aviation Inc.

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