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UTair

November 11, 2004

UTair Aviation redeems USD7m of 3rd tranche of bonds

Khanty-Mansiysk – UTair Aviation (UTair Aviation JSC) redeemed RUR200m (about USD7m) of its third tranche of bonds on Wednesday, November 10.

Six- and nine-month bonds totaling RUR400m (about USD14m) were floated on February 10, 2004. The third tranche of common discount bonds was solely managed by BK Region (Moscow).

The yield of bonds with a maturity date set of November 10, 2004 is 12.8% (the volume of the issue is RUR200m), and those with a maturity date of August 10, 2004 is 12.5% (the volume of issue is RUR200m).

After the first nine months of 2004, UTair’s revenue topped RUR5.5bn (about USD192.9m), which is a 24% increase compared to 2003. In January-September, 2004, UTair’s passenger turnover reached 1.013m, i.e. 10% more compared to 2003.

As far as revenue structure is concerned, 50.1% of it came from regular flights, 12.4% - from irregular (charter flights), 11.5% - from helicopter operations in Russia, and 20.8% from helicopter operations abroad.

UTair has one of the major fleets in Russia. As of October 1, 2004, it comprised 286 aircraft including 182 helicopters.

Reference: on April 14, 2003 the airline floated RUR300m (about USD10.5m) in its first issue of bonds as part of its bond program. The issue consisted of two tranches. One tranche was for up to four months for RUR100m (about USD3.5m), and the other for up to six months for RUR200m (about USD7m). The first were 14% bonds, and the second were 14.5% bonds. The first tranche was redeemed on August 12, 2003, and the second – on October 14, 2003.

On June 10, 2003, UTair floated RUR200m (about USD7m) in a second issue of 13-13.5% bonds with a maturity period of up to six months. The issue was redeemed on December 10, 2003.

 

 

 

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