Daily News: October 23, 2017

CIBC Provides $24.MM Facility to AAR & AAR Canada Holdings

AAR, as parent guarantor, and AAR Canada Holdings, as borrower, entered into a C$31 million ($24.5 million) credit agreement with the Canadian Imperial Bank of Commerce.

According to a related 8-K filing, the net proceeds of the loan will be used to pay a portion of the amount outstanding under AAR’s credit agreement dated April 12, 2011 with Bank of America as administrative agent.

The facility with Bank of America was borrowed to help finance AAR’s acquisition of two maintenance, repair and overhaul facilities — one located at Trois-Rivières Airport in Quebec and the other located at Windsor International Airport in Ontario — from Premier Aviation, and for related corporate purposes.

AAR is an independent provider of services to the global commercial, government and defense aviation industries.