Canadian regional carrier Chorus has closed a new C$50 million ($39.7 million) revolving credit facility, increasing its available credit by C$10 million.
The airline can increase the new three-year facility by up to C$25 million on a demand basis, it says in a statement today.
"This facility provides Chorus with additional working capital financing in support of our existing lines of business while we continue to execute against our growth and diversification strategy," says Joe Randell, president and chief executive of Chorus, in the statement.
The facility replaces a C$40 million revolver.
CIBC is lead arranger and administrative agent of the new revolver. Scotiabank is a lender.