Reference
This document was drafted by the Ministry of Finance to enact the adoption of regulations for providing a state guarantee in 2013 for a loan taken by Sukhoi Civil Aircraft (herein the Principal) for funding Sukhoi Superjet 100 production.
Under a programme for providing state guarantees in foreign currency for 2013, Sukhoi Civil Aircraft will be provided loan guarantees for a $1 billion loan issued by Vnesheconombank. This loan will finance the production of the new Sukhoi Superjet 100 airliner.
According to the Federal Law On the 2013 Federal Budget and the 2014-2015 Planning Period, state guarantees will insure that Sukhoi fulfills its obligations in full. The loan is scheduled to close on January 1, 2015, thus, federal budget allocations will not be required until 2015.
The loan secured by the state guarantee is to be repaid within twelve years.
Russian public debt management policy in 2013-2015 establishes the order and terms of granting state guarantees, the appropriation of loan proceeds from Vnesheconombank and measures for the control of their purpose-oriented use. Also a ban is imposed on paying bonuses to the Principal’s senior executives from funds secured by the state guarantee.
The Russian Ministry of Industry and Trade is to monitor the use of the loan funds secured by the guarantee.
Sukhoi’s state guaranteed loan from Vnesheconombank will ensure the stable funding of the programme to produce Sukhoi Superjet 100 airliners in the fulfillment of contracts with Russian and foreign buyers. This will also create favourable conditions for promoting the planes on the international aviation market.