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Interest rate of the first coupon of UTair- Finance bond issue is expected at 12.5 to 13 percent p.a.

25 November 2004

The interest rate of the first coupon of UTair bond issue which is to be placed in the MICEX on November 24, 2004, is expected to reach 12.5 to 13 percent p.a., which corresponds to the yield of an annual put option of 12.89 to 13.42 percent p.a. UTair Financial Director Igor Petrov is cited to say that the company finds such an interest rate quite acceptable against the backdrop of the current market environment.

The bond issue was managed by Vneshtorgbank, with `BK REGION` JSC, HOMOS-BANK, Khanti-Mansisky bank JSC being co-managers. HOMOS-BANK is also a placement agent, and the NDC is a payment agent and a depository for the issue.

The issuer of the bonds is UTair-Finance JSC, a company established to develop and implement programs designed to raise investment for UTair Aviation JSC which is a guarantor of the bonds.

  • Issueount - RUR 1 billion
  • Par value of a bond - RUR 1,000
  • Maturity period - 728 days (2 years)
  • Early redemption - in a year after the placement at 100% par value
  • The 1st coupon interest rate shall be defined by a tender on the placement date, the 2nd coupon interest rate shall equal the 1st coupon rate, the 3d and 4th coupon interest rates are to be defined by the Issuer.

The proceeds of the bond issues will be channeled into refinancing credits and loans raised to ensure a regular renewal of aircraft fleet and to acquire the Kominteravia company. Within the framework of the aircraft fleet renewal program UTair Aviation purchased 6 Мi-26Т helicopters, 11 Мi-8МТV helicopters, 1 Мi-8АМТ helicopter, Тu-154М and Тu -134 planes.

UTair Aviation JSC is the largest Russian operator of helicopters and one of the leading helicopter companies in the world. Its helicopter fleet includes 182 vehicles (as of October 1, 2004). The company`s airplane fleet comprises 104 vehicles.

At 2003 year-end, the UTair Aviation` revenues grew by 21.4% as compared to the year 2004 to reach RUR 6.6 billion (the Company was ranked no.4 in Russia after Aeroflot, Siberia and Pulkovo airlines). The net income increased by 25.5% andounted to RUR 83 million. UTair`s passenger turnover (including transportation and helicopter operations) reached 1.538 million which placed UTair Aviation 5th in Russia.

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