OREANDA-NEWS. UTair Finance has placed a RUR2bn (approx. USD76.1m) series 03 bond issue. The placement was made on the MICEX Stock Exchange on December 19, 2006 by public subscription in the form of a tender on setting the bonds’ first coupon rate.

In the course of the placement, investors submitted bids proposing a range of between 10 and 10,50 percent for the first annual coupon rate. The issuer set the first coupon rate at 10,40 percent, or RUR51,86 (approx. USD1,97) per bond. The second-fourth coupon rates are equal to that of the first coupon; the rates of the remaining coupons shall be defined by the issuer.
 
The entire bond issue was sold on the first day of the placement.

BK REGION acted as the organizer of the bond issue. VTB, NOMOS-BANK, and the National Standard Bank were the co-organizers.

The facility will be used to finance the airline’s aircraft fleet renewal program.