Ukrzaliznytsya strikes restructuring pact with Barclays

Ukrzaliznytsya, Ukraine’s state-owned monopoly railway operator, agreed on restructuring terms on its loan from Barclays, general Director Mikhail Kostyuk said yesterday, according to newspaper Delo. Kostyuk said the new deal should be signed by May 20. 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 2009 and missed another payment in November 2009. In November, Kostyuk said Ukrzaliznytsya was seeking to restructure the loan by 2.5-3 years.