RBC Capital Markets will lead a syndicate of underwriters to purchase and sell $50 million units of Chorus at $4.60 per unit and $50 million of convertible senior unsecured debentures at $1,000 each with interest of six per cent per year.
Gross proceeds could be as high as $115 million if an over-allotment option is exercised.
Chorus also entered into agreements with Alberta Investment Management Corp. and Torstar owner NordStar Capital to purchase $15 million of units and $15 million of debentures.
Net proceeds will be used to purchase additional aircraft to expand its regional aircraft leasing business and contracted flying operations, provide financial flexibility and repay debt, the company said in a news release.