Gama Aviation provides update on Scottish Ambulance Service contract

Gama Aviation provides update on Scottish Ambulance Service contract

14-Feb-2020 Source: Gama Aviation

Gama Aviation is pleased to provide an update on its £20m order for three Airbus H145 helicopters, as reported on 24th December 2018. The Company has completed this purchase and taken title to all three helicopters. Preparations for the deployment of the helicopters from 1st June 2020 in support of a long-term contract are proceeding to plan.

The purchase was funded through a new £20m 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.’

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