Discovery Air replaces operating lender

Discovery Air Inc. has successfully refinanced its existing operating lines of credit through the establishment of an asset-based lending facility with a new lender. This loan facility provides availability of up to $15 million augmented by a limit bulge of up to $10 million during the company’s seasonally busy period during which working capital demands are higher. The loan facility is available to Discovery Air and its operating subsidiaries, has a term of 14 months and carries an interest rate of 18% per annum on the advances drawn.