Bloomberg News

Transaero Aims to Tap Five Russian Banks for A380 Loan, CEO Says

October 28, 2011

Oct. 28 (Bloomberg) -- OAO Transaero Airlines is seeking a loan from five of Russia’s largest banks to fund an order for four Airbus SAS A380s, the chief executive officer of the Russian airline said.

Transaero will start payments next week using its own money, Olga Pleshakova told Bloomberg in Moscow today. She did not give details of the terms of the syndicated loan, or specify which banks would participate.

Transaero signed a memorandum of understanding on the four- plane commitment with Airbus earlier today. The deal has a list- price value of about $1.5 billion and the first deliveries are scheduled for the fourth quarter of 2015.

“The contract is firm because we become financially liable from Monday,” Pleshakova said. “It can only be annulled by force-majeure.”

Transaero received “attractive terms” on the deal, she said, without providing further details.

--Editor: Alex Nicholson

To contact the reporter on this story: Marina Sysoyeva in Moscow msysoyeva@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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