Discovery Air Defence Services entered into a credit agreement with certain funds of co-investors of Clairvest Group, the majority shareholder of the corporation, providing for a revolving credit facility in the aggregate principal amount of up to $25 million.

All borrowings under the revolving credit facility are secured, bear interest at a rate of 12% per annum payable on February 15, 2017 and May 15, 2017 and mature on June 30, 2017 subject to acceleration in the event of certain refinancing transactions.

Toronto-based Discovery Air provides specialty aviation services including air combat training, medevac equipped aircraft services, airborne firefighting services, air charter services, helicopter operations and transport and logistics support to ensure operational readiness, health, safety and vital lifelines for its clients and the communities it serves.