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June 2011
Cox Hallett Wilkinson Limited (“CHW”) has acted for UniCredit and Intesa Sanpaolo (Paris Branch) in relation to an ECA facility agreement for UTair Aviation JSC, the leading Russian domestic airline, to finance its acquisition of a fleet of 20 new ATR 72-500 regional aircraft.
UniCredit and Intesa Sanpaolo acted as co-mandated lead arrangers and sole underwriters for the facility. The transaction, which is valued at US$426 million, is a 13.5 year deal which is 95% supported (on a 50:50 basis) by French export credit agency Coface and Italian export credit agency SACE. It is one of the largest ever concluded for the ATR consortium, a 50:50 joint venture between EADS and Alenia Aeronautica (Finmeccanica Group).
Jonathan Betts and Janice Gutteridge advised on the Bermuda aspects of the financing and the registration of the aircraft in Bermuda. Clifford Chance LLP acted as English counsel to the co-mandated lead arrangers.
For further information please contact Jonathan Betts on 001 441 294 1544 or email jbetts@chw.com.
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