UTair Aviation finds financing outside Russia
UTair Aviation has found
financing from HSBC, secured by COFACE, a French insurance agency. The financial
deal concerns 19 new Eurocopter AS 350/355 helicopters being delivered to UTair.
Utair already operates five of these Eurocopter AS350 helicopters. The company should
take delivery of another four aircraft this year and in 2013 will take delivery of the
remaining 10 helicopters.
UTair has become the first
Russian airline, to received an insurance wrap for purchasing helicopters from
an international export agency. Registration of this helicopter was performed
in the Russian Register of Civil Aircraft. Earlier export agencies participated
only in the deals on purchasing airplanes.
First deputy general
director and financial director of UTair Aviation Igor Petrov said that this
deal is a milestone for the airline. “The fact that UTair has become the first
airline in Russia
to perform purchase of helicopters with the involvement of an international
export credit agency demonstrates high level of trust from the investment community.”
HSBC provided a 7 year term
for the finance, the contract is worth more than $45 million.