REG - Gama Aviation PLC - Maturing Credit Facility Repaid

Gama AviationAnnouncement

26/01/2023 07:00

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RNS Number : 8908N  Gama Aviation PLC  26 January 2023

 

Date: 26(th) January 2023

The information contained within this announcement is deemed to constitute
inside information as stipulated under Article 7 of the Market Abuse
Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018.

Gama Aviation Plc (AIM: GMAA)

("Gama Aviation" or the "Company" or "Group")

Maturing Credit Facility Repaid

 

 

Gama Aviation is pleased to announce that it has repaid the Company's £20m
HSBC Term Loan Facility ("the Term Loan") and to provide an update on
additional funding, liquidity and net bank debt.

Maturing Credit Facility

 

The Term Loan, which was due to mature on 31(st) January 2023, has now been
repaid in full.  Consequently, all the Group's obligations in respect of the
Term Loan have been fully discharged and the associated securities are in the
process of being released.  The repayment, made on 25(th) January 2023, was
funded by a combination of the c$10m proceeds of the Group's new US credit
facilities announced on 30(th) December 2022, proactive management of working
capital and cash at hand.

Additional Funding

Since the last update, significant progress has been made in negotiations with
other lenders to secure the additional funding required to execute the Group's
near-term organic growth strategy, and an update will be provided once terms
are finalised.

 

Liquidity and Net Bank Debt

As at 25(th) January 2023, and following the repayment of the Term Loan, the
Group held cash balances totalling $10.4m and net bank debt stood at $1.9m.

 

END

 

Gama Aviation
Plc
+44 (0) 1252 553 029

Marwan Khalek, CEO

Michael Williamson, CFO

 

Camarco
+44 (0) 20 3757 4992

Ginny Pulbrook

Geoffrey Pelham-Lane

 

WH
Ireland
+44 (0) 207 220 1666

James Joyce

Sarah Mather

 

Gama Aviation - Notes to Editors

 

Founded in 1983 with the simple purpose of providing aviation services that
equip its customers with decisive advantage, Gama Aviation Plc (LSE AIM: GMAA)
is a highly valued global partner to blue chip corporations, government
agencies, healthcare trusts and private individuals.

 

The Group has three global divisions: Business Aviation (Aircraft Management,
Charter, FBO & Maintenance), Special Mission (Air Ambulance & Rescue,
National Security & Policing, Infrastructure & Survey, Energy &
Offshore); and Technology & Outsourcing (Flight Operations, FBO, CAM
software, Flight Planning, CAM & ARC services)

 

More details can be found at: http://www.gamaaviation.com/
(http://www.gamaaviation.com/)

 

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