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Cargojet Redeems Outstanding 4.65% Convertible Debentures

MISSISSAUGA, ON – December 31, 2019 – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today (the “Redemption Date”) that it has redeemed the $2,139,000 aggregate principal amount outstanding on its 4.65% convertible unsecured debentures due December 31, 2021 (the “Debentures”). An aggregate of 22,196 common and variable voting shares (the “Voting Shares”) were issued in respect of the redemption, such number having been determined pursuant to the indenture governing the Debentures (the “Indenture”) by dividing the redemption price of $2,139,000 by 95% of $101.44, being the Current Market Price (as defined in the Indenture) of the Voting Shares (calculated based on the 20 consecutive trading days ending five days before the Redemption Date). The Corporation paid all accrued and unpaid interest up to, but excluding, the Redemption Date, in cash.

Cargojet is Canada’s leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities and selected international destinations.  Cargojet owns a fleet of 26 aircraft.

For further information, please contact:

Pauline Dhillon
Executive Vice President Marketing, Government & Public Relations
Tel: (905) 501 7373