VTB may purchase 25-30 bln rubles in UAC obligations within bank syndicate
ZHUKOVSKY. Aug 26 (Interfax) - VTB is discussing the possibility of purchasing 25 billion-30 billion rubles in obligations contributed by the state to the capital of United Aircraft Corporation (UAC) in order to maintain production of the Sukhoi Superjet 100 (SSJ100) by Sukhoi Civil Aircraft Company (SCAC) , VTB management board member Valery Lukyanenko told journalists.
The government has earmarked 100 billion rubles in the budget for UAC in the form of federal loan bonds (OFZ). The obligations are to be sold to a bank syndicate. SCAC will use the proceeds to pay down debt.
"As for the OFZ, a bank syndicate that will take part in purchasing the obligations is planned. We are currently discussing this together with the Finance Ministry and UAC. We think the volume is 25 billion-30 billion rubles. This amount would be bearable for the bank. I want to stress that the figure is being discussed," Lukyanenko said.
The five biggest banks may participate in the syndicate, he said.
SCAC debt to VTB currently totals 23.5 billion rubles, including 16.3 billion rubles in borrowing used to restructure debt denominated in foreign currencies.
At the end of 2014, SCAC was in violation of loan covenants from seven banks: European Bank for Reconstruction and Development (EBRD), VEB , VTB and two VTB subsidiaries in Austria and France, Sberbank of Russia and the Eurasian Development Bank .
Aside from UAC, two other companies - State Transport Leasing Company (STLC) and Lenenergo - have received state support using OFZ intended to recapitalize banks.