Cargojet secures funding for freighter conversion

Funds belonging to Tennenbaum Capital Partners (TCP) are to provide up to $82.5m of financing to Cargojet to fund the acquisition and conversion of B767-300ER passenger aircraft into freighters. 
The transaction will provide the Canada-based overnight airfreight operator with additional capacity to support its growing business.
"We have a long history of investing in the aircraft industry and Cargojet is a best in class operation with a premier customer base," said Rob DiPaolo, managing director of TCP, adding: "We are pleased to provide capital to Cargojet to support its expanding fleet requirements."
Ajay Virmani, president and chief executive of Cargojet, said: “These new generation, long range, fuel efficient and environmentally friendly aircraft will enable us to expand the geographic reach and capacity of our network."
Cargojet operates a freighter network across North America using a fleet of Boeing 767-300ERs, Boeing 767-200ERs, Boeing 757-200ERs and Boeing 727-AFs.
Capital Canada Ltd acted as financial advisor to Cargojet on the funding transaction.

Share this story

Related Topics

Latest americas news

American Airlines boosts European and Asian cargo capacity with summer schedule

American Airlines will offer expanded cargo capacity on services from the US to Europe and Asia during the summer season….

Read More

Share this story

IAG Cargo looks ahead to new Dublin-Denver flights

IAG Cargo can now offer air cargo belly capacity between Dublin (DUB) and Denver (DEN) for the first time with…

Read More

Share this story

Pacific Air Cargo reassures shippers as Aloha ends LA-Honolulu route

Freighter operator Pacific Air Cargo (PAC) has said it can expand capacity on its Los Angeles (LAX)-Honolulu (HNL) flight after…

Read More

Share this story

Air Cargo News

Air Cargo News
Established in 1983, Air Cargo News is the leading source of news, information, interviews, analyses and reports to the global airfreight industry. Our leading portfolio includes print, digital and events that give businesses in the airfreight industry the ability to connect with decision-makers in this sector.