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

$10.4 million 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. The Group's £20 million Term Loan matures on January 31, 2023 and the $10.4 million 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.