Gama Aviation PLC Helicopter Contract Update
February 13 2020 - 9:28AM
RNS Non-Regulatory
TIDMGMAA
Gama Aviation PLC
13 February 2020
13 February 2020
RNS Reach
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation", "the Company" or "the Group")
Helicopter Contract Update
Gama Aviation is pleased to provide an update on its GBP20m
order for three Airbus H145 helicopters, as reported on 24(th)
December 2018. The Company has completed this purchase and taken
title to all three helicopters. Preparations for the deployment of
the helicopters from 1(st) June 2020 in support of a long-term
contract are proceeding to plan.
The purchase was funded through a new GBP20m term loan secured
with HSBC on competitive terms (the "Loan"). The Loan is separate
from the Group's $50m revolving credit facilities (the "RCF") which
was transferred from RBS to HSBC on improved terms last November.
The Loan and the RCF (collectively the "Facilities") are subject to
customary banking security arrangements. .
In negotiating the preferential terms of these new Facilities,
the Group enjoyed the support of its largest investor, CKHH
(Hutchison) ("CKHH") which has a long-standing corporate
relationship with HSBC. The Facilities are not guaranteed by
CKHH.
Marwan Khalek, CEO of Gama Aviation commented:
"The completion of the purchase of these three helicopters marks
another significant milestone in our plans to enter the rotary
special mission market and we remain positive about the
opportunities that this will bring. Securing preferential financing
terms from HSBC underlines the benefit to the Company of CKHH's
support."
End
Gama Aviation Plc +44 (0) 1252 553000
Marwan Khalek, Chief Executive
Camarco +44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
Gama Aviation - Notes to Editors
Gama Aviation (GMAA) is a global business aviation services
company that specialises in providing support for individuals,
corporations and government agencies. Gama Aviation is now one of
the top three global players in a highly fragmented market, with a
fleet of around 250 aircraft. Gama operates across Europe, the US,
the Middle East, Asia and Africa.
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END
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