Cargojet Airways (W8, Hamilton, ON) says it has raised CAD350.2 million Canadian dollars (USD275 million) through the sale of 1.64 million shares to a syndicate of unnamed underwriters and will use the proceeds to, among others, add its first B777 dedicated freighters.
The Canadian cargo specialist said the offer also included an over-allotment option exercisable within 30 days from the closure of the transaction, which could increase the net proceeds from the sale to CAD402.7 million (USD316 million).
Cargojet Airways plans to use the funds to acquire two B777s for international growth. It hopes to take delivery of both units in 2023. In addition, it will also acquire five B767 dedicated freighters for deliveries in 2021 and 2022.
It will also invest in "a new hanger and additional land-based facility infrastructure in Canada" and look "to capitalise on potential strategic investments in the US". Cargojet also plans to use a portion of the proceeds to repay debts.
The transaction is expected to close on February 1, 2021, subject to customary approvals.
ch aviation
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