OREANDA-NEWS. On 9th April 2009 Irkut Corporation paid off CLN (Credit Linked Notes) for the amount of 125 mln.USD and paid off the last coupon. The payment was effected right on the due date. Coupon revenue on the issue was paid out as per loan contract.

CLN Irkut were issued on 4th April 2006 in the international capital market. CLN circulation term totaled to 3 years, coupon rate was fixed at 8.25% interest per annum. Coupon payments were made every 6 months. MDM-bank acted as a note issuer.

With CLN Irkut issue the demand exceeded the offer by 5 times. Among those who acquired CLN were some international financial agencies from London, Singapore, Hong Kong, Zurich, Geneva, Munich and others. Over 50 investors participated in flotation.

Irkut Corporation is Russia’s major aircraft manufacturer. Consolidated sales volume of "United Aircraft Corporation", of which Irkut makes part, amounted to 85.2 bln. RUR in 2008 with Irkut accounting for 31.2 bln.RUR. In 2008 Corporation paid nearly 2.4 bln.RUR of taxes. Since 2000 Irkut prepares financial accounts as per IFRS and undergoes international auditing.

The Corporation sports an unblemished credit history with not a single delinquency in borrowings’ payoff. Two bonded debts, А01 series with a value of 600 mln.RUR and А02 series with a value of 1.5 bln.RUR were timely paid off. On 19th March 2009 next coupon was fully and timely paid off on the corporation’s stock А03 series circulating in the market.

Deputy Minister of Russia’s Industry and Trade Denis Manturov positively evaluated timely payoff by Irkut Corporation of its borrowings.  "I am aware of Irkut’s activities not just by reports and bulletins; last year we examined the perspectives of producing new-generation MC-21 passenger airliners at Irkutsk Aviation plant. Company produces favorable impression with its latest equipment, young personnel, stable work load", Manturov says. He also pointed out that Irkut is well-known for accurately fulfilling its obligations for the customers, state and business partners; the company has been rated among the best exporters in Russia for many years. The production program of Irkut is laid out far off; the aircraft development, technical re-equipment, personnel training, tackling social issues advance as per comprehensive plan".

Irkut President Oleg Demchenko states: "Timely CLN payoff against the background of the current financial crisis and investors’ negative expectations has once more proved Irkut’s high rating as a borrower".

Chief of MDM-bank debt capital markets’ department Anton Kirukhin highlights: "Irkut Corporation once again confirmed its first-rate borrower status by fulfilling all its obligations to creditors. In the current complicated economic situation it becomes evident that the major factor of the borrower’s credit record is not so much the strategic value and state support, but first and foremost the quality of management. Irkut Corporation management demonstrated its competence and ability to efficiently manage financial flows in the times of crisis".