Business
Stand by Finance Facility
Stand by Finance Facility.
About this update from Avation Plc
[{"type":"text","content":"\n \n\nAVAP\n 13 Jan 2014\n\n AVATION PLC\n (the \"Company\")\n\n STAND BY FINANCE FACILITY\n\nAvation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, has entered into a loan facility\nagreement with an Australian based institution.\n\nFunds are on standby and, when applicable, the loan facility can be drawn to a maximum amount of US$9.5 million.\nThe facility is secured on the Company's fleet of five Fokker F100 aircraft. These Aircraft are currently un-\nencumbered and are fully owned by the Company. The loan facility is on usual commercial terms based on the\nassets against which the loan is secured.\n\nCommenting today, Jeff Chatfield, Chairman of Avation said: \"This transaction provides a mechanism for the\nrelease of equity from existing aircraft by the Company in funding further growth with a view to lower the\noverall cost of funds. As such this is an important part of our continued pursuit of an optimal capital\nstructure for the Company.\"\n\n -ENDS-\n\nMore information on Avation PLC can be seen at: www.avation.net\n\nEnquiries:\n\nAvation PLC \nJeff Chatfield, Chairman +44 7783 942 553\n\nW H Ireland \nHarry Ansell / James Joyce +44 20 7220 1666\n\nLiberum Capital Limited \nChris Bowman / Richard Bootle +44 203 100 2222\n\nBlythe Weigh Communications \nTim Blythe / Eleanor Parry +44 207 138 3204\n\nAvation plc\n ","length":2308,"tagName":"div"}]