Gama Aviation PLC New $25m Credit Facilities (3541L)
December 30 2022 - 4:50AM
UK Regulatory
TIDMGMAA
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 GBP20m 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/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFDMFSSEESELE
(END) Dow Jones Newswires
December 30, 2022 05:50 ET (10:50 GMT)
Gama Aviation (AQSE:GMAA.GB)
Historical Stock Chart
From Sep 2024 to Oct 2024
Gama Aviation (AQSE:GMAA.GB)
Historical Stock Chart
From Oct 2023 to Oct 2024