Cargojet amended and extended its $400 million revolving five-year credit facility with a syndicated lending group led by the Royal Bank of Canada and supported by the Imperial Bank of Canada, National Bank of Canada, The Bank of Nova Scotia, Bank of Montreal, Laurentian Bank of Canada and Raymond James Finance Company of Canada.

The credit facility is due to mature on August 17, 2023 and amends and extends the company’s previous $225 million revolving credit facility that was due to mature on April 7, 2020 as well as its delayed-draw term loan facility in the principal amount of $75 million that was due to mature on April 7, 2022 and which has now been terminated.

“This amended and extended credit facility provides Cargojet with increased capacity, better terms and more flexibility to execute our growth strategy,” said Ajay Virmani, Cargojet president and CEO.

Cargojet is Canada’s leading provider of time sensitive overnight air cargo services and carries more than 1,300,000 pounds of cargo each business night.