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REG - Avation PLC - AIRLINE PAYMENT PLAN AGREEMENT

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RNS Number : 2674K  Avation PLC  04 May 2022

Via RNS  and SGXNET

AVATION PLC

("Avation" or "the Company")

 

AIRLINE PAYMENT PLAN AGREEMENT

 

Avation PLC (AVAP: LSE), the commercial passenger aircraft leasing company
announces that it has entered into a formal payment plan agreement ("PPA")
with an airline client for that client to fully repay in an orderly manner
sums advanced to it during the COVID-19 pandemic. This PPA replaces a series
of ad hoc arrangements with the airline during the pandemic period.

 

The terms of the PPA provide that the airline will return to its full
contracted rental amounts from July 2022. Furthermore, arrears are recovered
as an amortizing loan in aggregate of US$25.9 million, repayable from January
2023 over 24 months with an interest rate of 5.5 per cent a year.

 

Executive Chairman Mr Jeff Chatfield said, "This is the final material amount
from any COVID-19 associated repayment programme with airlines, and the
Company is pleased to have reached agreement between the bankers and the
concerned airline. The repayment of the loan will represent a full recovery of
rents due under our leases with the airline."

 

 

 

 

-     ENDS    -

Enquiries:

 

Avation PLC - Jeff Chatfield, Executive
Chairman
+65 6252 2077

 

Avation welcomes shareholder questions and comments and advises the email
address is: investor@avation.net (mailto:investor@avation.net)

 

Notes to Editors:

Avation PLC is an aircraft leasing company, headquartered in Singapore, owning
and managing a fleet of commercial passenger aircraft which it leases to
airlines around the world. More information on Avation is available at
www.avation.net.

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