UTair-Finance Issues Bonds Totalling 3 Billion Roubles

UTair Aviation affiliate UTair-Finance has issued bonds totaling 3 billion rubles. The loan was led by a number of Russian banks and financial organizations, including BK Region, Promsvyazbank, Petrokommerz Bank and Ursa Capital.

The application book was closed with a coupon level at 11.75% per annum , with t he interest rate for BO-09 and BO-10 bond coupons set equal to the interest rate of the first coupon. Maturity of the bond issue was set at 3 years without interim offer, with a coupon period of 91 days.

UTair-Finance has registered claims for 17 investors, among them commercial banks, investment and management companies.

Funds from the bond issue will be used to refinance current debt as well as to pay deposits on aircraft leasing contracts at the center of UTair Aviation’s fleet expansion activity.