REG - Gama Aviation PLC - Prepayment of Promissory Note

Gama AviationAnnouncement

21/07/2021 13:45

RNS Number : 0162G
  
Gama Aviation PLC
  
21 July 2021
  
 

21 July 2021
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation" or the "Company")
Prepayment of Promissory Note
On 2nd March 2020, Gama Aviation announced the sale of its US Air associate, Gama Aviation LLC (doing business as Gama Aviation Signature) to Wheels Up Partners Holdings LLC ("Wheels Up") ("Transaction").  The consideration for the sale was $33m, of which $13m was paid in cash at closing of the Transaction, with the remaining $20m issued as a promissory note by Wheels Up also at closing of the Transaction ("Note").   The Note was to be settled in cash, with interest, in eight equal six-month instalments over the following four years.
On 14th July 2021, Wheels Up listed on the New York Stock Exchange triggering a mandatory prepayment provision under the terms of the Note.
On 20th July 2021, the Company received $15.2m in cash from Wheels Up, representing the full prepayment amount due to the Company under the Note.
The $15.2m cash received will be used to settle the residual corporation tax liabilities associated with the Transaction, to support the on-going organic investment needs of the Company, and to supplement the Company's working capital reserves.
ENDS
 
For more information contact:
Gama Aviation Plc                                                                           +44 (0) 1252 553000
Marwan Khalek, Chief Executive Officer
Daniel Ruback, Chief Financial Officer
Camarco                                                                                              +44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
WH Ireland                                                                                        +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
 
Gama Aviation - Notes to Editors
Founded in 1983 on 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/

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