Alfa-Bank Extends UTair Credit Limit

Alfa-Bank has extended the line of credit for UTair Group to 9.5 billion rubles in confirmation of the airline’s reputation and creditworthiness.

The letter of credit for the airline features credit lines for UTair Aviation and UTair-Leasing, facilitating a broad range of trade finance transactions, including unpaid letter of credit (SBLC). The bank has also purchased securities issued by UTair Group.

“We highly appreciate our cooperation with Alfa-Bank, which is one of our largest creditors, offering borrowing funds with maximum comfort in terms of securing debt financing,” said UTair Aviation’s chief financial officer Igor Petrov. “Besides providing credit to the management company, Alfa-Bank finances UTair-Leasing deals for the lease of airport equipment and the purchase of Mil Mi-171 helicopters. Raising our credit limit confirms our reputation of creditworthiness and our credibility in the eyes of the largest financial institution. Alfa-Bank is our long-term partner and we actively seek to extend our cooperation with them and expect further development of this fruitful relationship”.