Progress Aviation Plant to raise 7.6 bln ruble loan from VTB
VLADIVOSTOK. Feb 22 (Interfax) - The board of directors at aviation plant OJSC Arsenyev Aviation Company (AAC) Progress N. Sazykin (based in Arsenyev, Primorsk Territory), has approved the singing a loan agreement with VTB Bank for opening a loan facility with a limit at 7.589 billion rubles, the company said.
The facility will be available until December 31, 2016.
The interests on accessing the facility come to 9.95% prior to the presentation of a state guarantee. The rate will come to 9.7% after the state guarantee has been provided.
It was earlier reported that the board of directors at Progress approved signing an agreement at the end of January for presenting a state guarantee for the return of 7.7488 billion rubles in principle debt according to loan agreement with VTB. The loan agreement was signed by Progress and the bank on June 22, 2011.
The company said in its financial report for the third quarter of 2011 that loan debt had increased from 10.3374 billion rubles at the start of 2011 to 12.166 billion rubles as of September 30, 2011.
OJSC AAC Progress N. Sazykin produces Ka-50 (Black Shark) and Ka-52 (Alligator) attack helicopters, as well as the Yak-54 acrobatic plane (production was restarted in 2011), 3M-08 and 3M-82 missiles, and the Moskit antiship missile systems.
According to the company's list of affiliated parties, OJSC Russian Helicopters owned 92.5166% in the plant as of December 31, 2011.
