Maturing Credit Facility Repaid

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.  

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Gama Aviation Plc   [phone]
Marwan Khalek, CEO 

Michael Williamson, CFO

Camarco   [phone]

Ginny Pulbrook

Geoffrey Pelham-Lane

WH Ireland  [phone]

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/

 

END

 

 

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