REG - Gama Aviation PLC - New $25m Credit Facilities

Gama AviationAnnouncement

30/12/2022 11:00

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RNS Number : 3541L  Gama Aviation PLC  30 December 2022

Date: 30(th) December 2022

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")

New $25m Credit Facilities

 

 

Gama Aviation is today pleased to announce that it has secured a new $25m
credit facility.

 

New credit Facilities

The new credit facilities have been secured by the Group's wholly owned US
operating subsidiary, Gama Aviation (ENG) Inc. ('GAMI'), from a US lender.
 GAMI provides aircraft maintenance services across the US, the world's
largest private aviation market.

The $25m facilities are for a term of 4 years and comprise a combination of a
Revolving Credit Facility and up to $6.5m of Term Loans.  A total of $20m is
available immediately, with a further $5m available contingent on future
trading performance.  The facilities are subject to customary financial
covenants.

$10.4m of the facility has been drawn down to repay GAMI's intercompany loan
from the Company.  The balance of the facility is available to fund the
investment capital expenditure and other working capital requirements of the
US business in the execution of the Group's organic growth strategy in the US.

 

Maturing Credit Facilities

 

The Group's £20m Term Loan matures on 31st January 2023 ('the Maturity Date')
and the $10.4m proceeds from this new credit facility that flow to the Company
will be applied to its repayment.  The Company continues to progress
negotiations with other lenders to seek to secure the balance of funds needed
to repay this Term Loan by the Maturity Date

 

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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