Moscow. December 30. The airline “UTair” has successfully completed the refinancing of its debt portfolio, said in a joint press release of the company and Raiffeisenbank, acting as a consultant “UTair” on restructuring the debt portfolio.
The deal is structured in two syndicated loans with a total volume of 42.6 billion and two bond issues of a total nominal volume of about 13.3 billion rubles maturing in 7 and 12 years.
Loans with maturities of 7 and 12 are secured by guarantees from companies “UTair-Helicopter services” and “UTair-Leasing”, as well as a single pool of collateral assets companies of the Group “UTair”. Seven-year syndicated loan secured with a guarantee from the Russian government 50% of the loan amount (agreement on provision of the government guarantee was signed on 24 December 2015). The syndicate of lenders includes 11 banks.
“External funding has enabled the airline to “lengthen” a portfolio of debt and create a more comfortable from a financial point of view, conditions for the realization of business strategy”, – stated in the message.
Sberbank acted as the arranger of financing, and functions of facility agent and collateral Trustee. International law firm Clifford Chance acted as legal adviser on the part of the creditor banks, the international law firm Akin Gump – legal consultant on the side of the borrower.
“We are pleased with the successful completion of a difficult process of restructuring the debt portfolio, which will guarantee stable operation and sustainable development in the future of the group “UTair”. I want to Express my gratitude to creditors, all employees of the airlines, our shareholders, passengers, customers of aviation services and suppliers for your trust and support”, – commented General Director of “UTair” Andrey Martirosov.
“The closing of the transaction is the result of an incredibly three-dimensional and multidimensional joint work of the organizer, lenders, team UTair and consultants of the company, which lasted more than a year”, – said the head of investment banking operations of the Raiffeisenbank Oleg Gordienko.