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Cargojet looks to add its first B777 freighters from a share sale

CANADIAN carrier-lessor Cargojet has raised C$350 million (US$275

03 February 2021 - 19:00
CANADIAN carrier-lessor Cargojet has raised C$350 million (US$275.7 million) to increase its fleet with more B767 freighters and to buy its first B777Fs, reports London's Air Cargo News.

Toronto area based Cargojet said proceeds from the share sale, would be used to fund the purchase of five B767Fs for delivery in 2021/2022 and two long-range B777Fs for international routes for delivery in 2023.



Some of the funds will be used to invest in a new hanger and additional land-based facility infrastructure in Canada to support additional e-commerce volumes, driven by the ongoing pandemic, that are expected to establish a new higher baseline going forward.



The money will also help fund strategic investments in the US and discharge finance leases, including associated balloon payments, on six aircraft maturing in fiscal 2021 and fully pay down outstanding revolver balances.



Cargojet has also granted the underwriters the option to purchase additional shares that could raise another C$52.5 million.



'The Covid-19 pandemic has significantly increased demand for Cargojet's international air cargo services,' Cargojet said. 'Air cargo capacity has been severely constrained due to the reduction of passenger aircraft operating on international routes and it is uncertain when such capacity will return to pre-pandemic levels.'


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