The airline has signed two agreements for syndicated loans with banks, under the first loan, the government approved state guarantees to 9.5 billion rubles. The condition of state guarantees was debt restructuring.
MOSCOW, 20 Nov. The airline “UTair” signed an agreement on debt restructuring in the amount of RUB 43 billion with a syndicate of 11 banks, wrote in Friday newspaper “Vedomosti” with reference to head of the investment banking operations of the Raiffeisenbank and the source in the savings Bank.
It is noted that the airline has signed two agreements for syndicated loans with banks, the first — 18.9 billion rubles for seven years, the second — 24.1 billion rubles for 12 years, under the first loan, the government approved state guarantees to 9.5 billion rubles.
According to the interlocutor of the newspaper, the condition of state guarantees was debt restructuring. This was the last necessary approval, now should withdraw the government order about granting of state guarantees, and VEB (the agent of the Ministry of Finance the state guarantees) will check a set of documents “UTair” and will give a conclusion.
To receive the funds in two tranches of the syndicated loan, “UTair” it is necessary to restructure the bonds of the BO-9 1,5 mlrd roubles and to involve in the authorized capital of 25 billion rubles, the newspaper writes.
In may, UTair and Alfa-Bank have agreed on debt restructuring of group of companies “UTair” to the Bank and “the alpha-Leasing” by lengthening the term of financing and the withdrawal of all lawsuits filed by Alfa-Bank and “the alpha-Leasing” in relation to companies of the group “UTair” under the loan agreements.
Total debt of the airline “UTair”, according to its own estimates, as of mid-December 2014 amounted to 167 billion rubles. The carrier have requested government guarantees for the sum about 40 billion rubles. The interdepartmental Commission under the Ministry of economic development in April approved the provision of airline guarantees in the amount of 19.2 billion rubles.