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Syndicated loan granted to Aeroflot

 
18 September 2003

An agreement on granting a syndicated loan to OJSC "Aeroflot - Russian Airlines" was signed in Moscow Mariott Grand Hotel, which was initiated and co-arranged by Vneshtorgbank and Donau-Bank AG, Vienna. Citibank, Moscow will act as the lead-arranger.
On the part of OJSC "Aeroflot - Russian Airlines" the loan agreement was signed by its General Director Valery Okulov, on the part of the arrangers - by the President and CEO of Vneshtorgbank Andrey Kostin, Chairman of the Board of Donau - Bank AG Andrey Chetyrkin and Vice-President of Citibank Daniel Connelly.

Also participating in the syndication were BCEN-Eurobank, Paris, Ost-West Handelsbank AG, Frankfurt-am-Mein; Bank fur Arbeit und Wirtschaft, Vienna, East-West United Bank, Luxemburg, Denizbank AG, Vienna, Vakifbank International AG, Vienna. The legal advisor of the syndication is Lovells, London.
Aeroflot was granted a 12-month loan in theount of US$60 000 000, which would be allocated to financing Aeroflot`s development program and current activities.
Aeroflot`s high international rating together with its status of the leading Russian air carrier were crucial in determining the beneficial terms of the loan.
The successful implementation of this project by the two Russian arrangers of and participants in the syndication - Vneshtorgbank and Citibank stems directly from the strengthening and development of partner relations between OJSC  "Aeroflot - Russian airlines" and the leading Russian financial institutions. 


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