UTair, a Russian airline, receives guidance from financial advisory firm Gump on its successful $809 million debt refinancing project.
In a significant development, international law firm Gump Strauss Hauer & Feld LLP has successfully advised Russian airline UTair on the refinancing of its debt portfolio. The refinancing process, which took over two years to complete, involved a complex transaction consisting of two syndicated loans and two bond issues.
The total value of the syndicated loans, guaranteed by the government of the Russian Federation for 50 percent of the loan amount, is 42.6 billion rubles ($628 million). A syndicate of 11 banks is involved in the seven-year syndicated loan, with VTB Bank and Sberbank leading the consortium managing the loan for UTair. Sberbank, the lead arranger and agent, and collateral manager for the seven-year syndicated loan, played a crucial role in the successful completion of the refinancing process.
The total nominal value of the bond issues is approximately 13.3 billion rubles ($181 million). The law firm's team, led by Natalia Baratiants, included Svetlana Volevich, Alexander Shalaev, Dmitry Shiryaev, Alexander Urlyapov, Olga Te, Olga Khrabrova, Anna Kardash, and Alexey Maslyaev.
Gump, a leading international law firm with offices throughout the United States, Europe, Asia, and the Middle East, boasts a team of over 900 lawyers. The firm's expertise and resources were instrumental in navigating the complexities of the debt refinancing transaction for UTair.
This successful refinancing marks a significant milestone for UTair, providing the airline with the financial stability needed to continue its operations and growth in the competitive aviation industry.
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