Khanty-Mansiysk – On December 10, 2003 UTair (UTair Aviation, JSC) redeemed a second-tranche of promissory notes in the amount of 200 million rubles (about $). The public offering of these securities was on June 10, this year. The initial yield of the second-tranche promissory notes was 13-13.5 percent.

According to earlier reports, the company redeemed first-tranche promissory notes in the amount of 200 million rubles on October 14.

Late in April, UTair floated 300 million rubles in first-tranche promissory notes as part of a special program. The securities, worth 100 million rubles, had a 4-month maturity and those worth 200 million rubles had a six-month maturity.

The initial yield of four-month promissory notes was 14 percent and six-month notes – 12 percent.

The lead manager of UTair’s promissory note program is the Region investment company.

“It is worth mentioning that UTair became the first Russian airline company to arrange the public offering of its promissory notes. Its success proved that the market was very positive about the high reliability of UTair. In addition, the successful implementation of the program is a first step towards possible foreign borrowings and a bond issue,” General Director of the airline company Andrey Martirosov told reporters.

UTair is the world’s largest helicopter operator. It operates a total of 301 aircraft, including 184 helicopters.