Discovery Air to redeem 8.75% convertibles using new issue proceeds

By Angela McDaniels

Tacoma, Wash., April 21 - Discovery Air Inc. will redeem all of its 8.75% convertible subordinated debentures, according to a company news release.

The company will use the proceeds from a C$30 million issue of 8.375% convertible subordinated debentures due June 30, 2016 to fund the redemption.

GMP Securities LP, the underwriter, was given a C$4.5 million over-allotment option.

The new issue is expected to close May 12.

Discovery Air is a specialty aviation services company. It is based in Yellowknife in Canada's North West Territories.

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