Cargojet Inc. announced that it had amended its syndicated banking facility to increase its revolving credit facility from $175 million to $200 million. Additionally, a 5-year term loan facility of up to $75 million was added that will be used to fund the acquisition and re-financing of aircraft. 

Cargojet is able to draw up to $75 million of the term loan facility over a period of 12 months. 

"We are very pleased with the support we have received from our banking syndicate and the flexibility of the amended facility. The new term loan and the increase in our revolving credit facility will provide funding to support our fleet plans to replace older B727 aircraft and our leased B767 and B757 aircraft," said Ajay K. Virmani, President & CEO.

The banking syndicate is led by RBC and includes National Bank, CIBC, Scotiabank and BMO.