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BRIEF-Regional Express Holdings Signs Binding Agreement With PAG On Funding

Published 19/11/2020, 11:37 am
© Reuters.
REX
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Nov 19 (Reuters) - Regional Express Holdings Ltd REX.AX :

* -REX SIGNS BINDING AGREEMENT WITH PAG ON FUNDING-REX.AX

* FUNDING COMPRISES FIRST RANKING SENIOR SECURED CONVERTIBLE NOTES

* SIGNED AGREEMENT WITH PAG REGULUS THAT WILL SEE AN INVESTMENT BY PAG OF UP TO AUD150 MILLION

* AN INITIAL FUNDING TRANCHE OF AUD50 MILLION WILL BE DRAWN DOWN TOWARDS EARLY JANUARY 2021

* UPON COMPLETION, PAG WILL BE ENTITLED TO NOMINATE TWO DIRECTORS TO REX BOARD

* PREPARATIONS FOR DOMESTIC OPERATIONS ARE PROCEEDING TO PLAN WITH FIRST BOEING 737 800NG AIRCRAFT DELIVERED ON 5 NOV

* WILL DEBUT ON SYDNEY-MELBOURNE ROUTE WITH 3 AIRCRAFT ON 1 MARCH 2021 & RAMP UP TO 5 AIRCRAFT BY EASTER

* CREW WILL CARRY OUT TRAINING ON BOEING 737 800NGAIRCRAFT OVER NEXT 3 WEEKS BEFORE CASA PROVING FLIGHT ON 2 DECEMBER

* FIVE OTHER SIMILAR BOEING 737 800NG AIRCRAFT WILL BE DELIVERED FROM NEXT MONTH TO MARCH 2021

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