LOS ANGELES, July 23, 2015 /PRNewswire/ -- Tennenbaum
Capital Partners, LLC ("TCP") announced today that certain of its
funds have agreed to provide up to US$82.5
million of financing to Cargojet Inc. (CJT.TO) ("Cargojet")
to fund the acquisition and conversion of Boeing 767-300ER
passenger aircraft into freighter aircraft. The transaction
will provide Canada's leading
supplier of air cargo services 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. "We are pleased to provide capital to Cargojet to
support its expanding fleet requirements."
"Cargojet is pleased to have secured financing with Tennenbaum
for its B767-300 aircraft deliveries," said Dr. Ajay K. Virmani, President & CEO of
Cargojet. "These new generation, long range, fuel efficient
and environmentally friendly aircraft will enable us to expand the
geographic reach and capacity of our network," he added.
Capital Canada Limited acted as financial advisor to Cargojet
with respect to the transaction.
About Tennenbaum Capital Partners, LLC
Tennenbaum Capital Partners, LLC ("TCP") is an alternative
investment management firm focused on performing credit and special
situations for middle-market companies. TCP manages funds and
accounts on behalf of global institutional investors. It also
manages a publicly-traded business development company, TCP Capital
Corp (NASDAQ:TCPC). Since its founding, TCP has invested more than
$15 billion in over 390 companies.
TCP is headquartered in Los
Angeles with additional offices in New York and San
Francisco. For more information, please visit:
www.tennenbaumcapital.com and www.tcpcapital.com.
About Cargojet Inc.
Cargojet is Canada's leading
provider of time sensitive overnight air cargo services and carries
over 1,000,000 pounds of cargo each business night. Cargojet
operates its network across North
America each business night, utilizing a fleet of all-cargo
aircraft consisting of Boeing 767-300ER, Boeing 767-200ER, Boeing
757-200ER and Boeing 727-AF. For more information please visit:
www.cargojet.com.
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SOURCE Tennenbaum Capital Partners