Concludes year with additional leases to Croatia Airlines and IndiGo, and lease extensions to Aeromexico Connect, Third-party committed leased fleet has now reached 641 aircraft. Our strong focus on execution resulted in a significant expansion of our portfolio and the achievement of several significant milestones in the advancement of our leasing company," said Steve Ridolfi, President, Chorus Aviation Capital. Chorus provides a full suite of regional aviation support services that encompasses every stage of an aircraft’s lifecycle, including: aircraft acquisition and leasing, aircraft refurbishment, engineering, modification, repurposing and preparation, contract flying, aircraft and component maintenance, disassembly, and parts provisioning. “We’ve been blessed with some great partners to get it going, and some great people on board to make it all happen,” said Ridolfi. A Cision company. “In the three short years since the establishment of CAC, we have grown the third-party leasing portfolio to 641 aircraft valued at approximately US$1.3 billion with US$960 million in future contract lease revenue.”. Chorus is a global provider of integrated regional aviation solutions. Chorus Aviation Capital builds diversified portfolios of regional aircraft manufactured by ATR, Bombardier and Embraer that will be leased to regional aircraft operators around the world. “As we close on these transactions, all these airplanes will start contributing to the revenue and profit of the business,” said Steven Ridolfi, president of the leasing subsidiary Chorus Aviation Capital. We secured a US$300.0 million warehouse facility, traded our first portfolio aircraft with the previously announced sale of three Dash 8-400 Falcon aircraft, and extended our first leases with the renewal of the three Aeromexico Connect E190 aircraft. We secured a US$300.0 million warehouse facility, traded our first portfolio aircraft with the previously announced sale of three Dash 8-400 Falcon aircraft, and extended our first leases with the renewal of the three Aeromexico Connect E190 aircraft. With this successful aircraft re-lease outcome, we have no further scheduled lease expiries until 2021. Concludes year with additional leases to Croatia Airlines and IndiGo, and lease extensions to Aeromexico Connect Third-party committed leased fleet has now reached 64 1 aircraft. “This comes about from the fact that there’s never been a stronger demand for operating lease capital in the regional aircraft market. “As we continue to add assets, we expect this contribution to continue to grow.”. Waterloo Warbirds announce Remembrance Day flyover, Making magic in the Arctic: Exercise Arctic Edge, RCAF to conduct flybys for Remembrance Day commemorations, Canada launches EpiShuttles in the fight against COVID, Strength in numbers: Collaboration is critical for aerospace growth, Boeing provides more than $14 million for veterans causes, CUPE: Airline workers must be consulted on federal support. On July 27, the company announced it will acquire two additional E190 aircraft currently on lease to Aeromexico Connect, with the acquisitions expected to close in the third quarter of 2017. HALIFAX, January 13, 2020 – Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today that Chorus Aviation Capital (‘CAC’) added a total of 34 aircraft on-lease in 2019. "We are delighted with the confidence that our customers have shown in us in 2019. "The year 2019 was one of many firsts for CAC. Chorus aviation also acquired air charter company Voyageur Airways in 2015. 'Aeromexico Connect'), a subsidiary of Aerovías de México, S.A. de C.V. (d.b.a. It is mandatory to procure user consent prior to running these cookies on your website. [1] In 2008, ACE Aviation Holdings sold its remaining participation in the company. Statements containing forward-looking information in this news release represent Chorus’ expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. Fleet List . Current Fleet; Historic Fleet; Disclaimer. "Trading aircraft, securing lease extensions, and penetrating new markets further demonstrates the capabilities of our maturing aircraft leasing business. HALIFAX, Jan. 13, 2020 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today that Chorus Aviation Capital ('CAC') added a total of 34 aircraft on-lease in 2019. About Chorus Aviation Capital Established in 2017, Chorus Aviation Capital currently has relationships with 16 airlines based in 15 countries. There are relatively few substantive providers for this strong demand,” he said. Fax: 519-748-2537. Chorus Aviation Capital has delivered and leased three Bombardier CRJ1000 aircraft to Air Nostrum, with a fourth to be delivered and leased in the third quarter of this year. Find out more on our, This website collects electronic data from you using Google Analytics which employs first-party cookies and other identifiers to measure where our site visitors come from in the world, when and how you visit the site, how long you use it, and what you look at while you are here. “We’re really thrilled with the success so far.”. Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. For further information: Chorus Media Contacts: Manon Stuart, (902) 873-5054, [email protected]; Teri Udle, (902) 873-5047, [email protected]; Analyst Contact: Nathalie Megann, (902) 873-5094, [email protected]. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those indicated in the forward-looking information. Additionally, 2019 saw us deliver our first Airbus A220-300 aircraft for lease to airBaltic," continued Mr. Ridolfi. Under the CPA, Chorus leases 39 regional aircraft to Air Canada and also provides pilots, maintenance and flying services. [2] In 2011, it became a public corporation and changed its name to Chorus aviation, due to a change in Canadian tax laws which removed tax advantages for income funds, such changes prompting other income funds to restructure similarly.[3][4]. Third-party committed leased fleet has now reached 64 1 aircraft. Headquartered in Halifax, Nova Scotia, Chorus comprise Chorus Aviation Capital a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation, companies that have long histories of safe operations with excellent customer service. Likely aircraft targets include the Bombardier Q400 and CRJ family; the ATR 72; and the Embraer E-jet family. “Our newly acquired fleet is diversified to six customers over five different continents–they consist of relatively young assets, with an average age of less than three years,” said Ridolfi. “The year 2019 was one of many firsts for CAC. “These assets were purchased with long-term leases attached, and we look forward to growing our relationships with these new customers … it’s exactly what we meant to do when we talk about diversifying the business.”. Further information on Google’s Privacy Policy can be found here, « Jazz Aviation wins as one of Atlantic Canada’s Top Employers for the ninth year in a row, Chorus Subsidiary Jazz Wins As One Of Canada’s Top Employers For Young People », https://policies.google.com/technologies/partner-sites. With this strong market performance, CAC's third-party lease portfolio has now reached 641 aircraft. Statements containing forward-looking information in this news release represent Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. With this strong market performance, CAC’s third-party lease portfolio has now reached 641 aircraft. Receive monthly editions of our print magazine right to your door. Airlines really need this capacity.”, Ridolfi cited a shift toward operating leases from regional airlines that have been historically dependent upon debt financing. He would not say specifically what percentage comes from each source, but reiterated the company’s intention to grow its leasing program in the future. We’ll keep the momentum going as we continue to see great profitable opportunities in front of us.”, Your email address will not be published. The aircraft will be operated by Chorus subsidiary, Jazz Aviation, with delivery expected in 2020. Yahoo is part of Verizon Media. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. Copyright 2020, Chorus Aviation, All Rights Reserved. Year-end, and previously unannounced transactions, include the acquisition of two mid-life Dash 8-400 aircraft (MSNs 4300 and 4301) on lease to Croatia Airlines, and an additional sale leaseback of two new ATR 72-600 aircraft (MSNs 1545 and 1552) with IndiGo. Get the latest industry news delivered right to your device with our free e-newsletter, Skies News. Copyright © 2020 CNW Group Ltd. All Rights Reserved. Actual results may differ materially from results indicated in forward-looking information for a number of reasons, including the failure to close the transactions referenced in this news release on the terms and conditions currently contemplated by Chorus, or at all, as well the risk factors identified in Chorus’ Annual Information Form dated February 21, 2019 and in Chorus’ public disclosure record available at www.sedar.com. CAC is focused on building a portfolio of new and mid-life regional aircraft, while leveraging the synergies inherent among its affiliated companies to provide a full suite of regional aviation services. Chorus Aviation is a Canadian holding company which owns regional airlines Jazz Aviation LP and Voyageur Airways as well as lessor Chorus Aviation Capital.