UTair Supervisory Board Announces Meeting Results

On June 2, 2014 the UTair Aviation Supervisory Board voted to approve agreements for lines of credit with Sberbank of Russia and the Bank of Khanty-Mansiysk.

The loan agreement reached with Sberbank provides UTair with 6 billion rubles credit with full payment due at the end of 2015. Earlier, on April 24, 2014, the Supervisory Board approved an agreement to open a non-revolving line of credit for 10 billion rubles. The deal with the Bank of Khanty-Mansiysk involves UTair obtaining a credit line for 12 billion rubles.

These contracts are the result of the long-term partnership between UTair and its strategic partners Sberbank of Russia and the Bank of Khanty-Mansiysk. The agreements allow UTair, one the leaders of Russian civil aviation and the world’s leading helicopter operator, to improve its loan structure and strengthen its positions on the market.

UTair Aviation has a long history of cooperation with major Russian and international financial institutions in the field of long-term financing and has earned the reputation within the banking community as a reliable borrower.

In 2012 UTair and Sberbank signed an agreement defining future development of their partnership in the areas of project funding, leasing, investment banking and operational services. The agreement also allows UTair to fund its expansion and renewal projects for both aircraft and rotorcraft fleet and to conduct leaseback operations, with Sberbank drawing resources partly from the international financial market secured by export credit agencies. Last year both companies began to cooperate in the field of internet acquiring.

The Bank of Khanty-Mansiysk has been involved in arranging the issue of UTair bonds on a number of occasions. For several years now UTair Aviation and the bank have offered a cobranded credit card to frequent UTair flyers who participate in STATUS loyalty programme.