Ukrzaliznytsya seeks 3-year extension on Barclays loan

In an interview with weekly Zerkalo Nedilya, Ukrzaliznytsya General Director Mikhail Kostyuk said the state-owned railway operator plans to restructure its syndicated loan to Barclay’s by 2.5-3 years. Kostyuk said that the company’s issue was not the size of the debt – but liquidity. The initial principal repayment schedule foresaw Ukrzaliznytsya making five equal USD 110 mln payments between August 2009 and 2010. Kostyuk said the Barclay’s loan was the only liability it was seeking to restructure. The USD 550 mln loan was taken out in summer 2007 at LIBOR+2.5%; Ukrzaliznytsya paid USD 118 mln on the loan in August and missed another payment on November 11.