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Ukrzaliznytsya Announces Plans for a Eurobond Issue

Ukrzaliznytsya Announces Plans for a Eurobond Issue

25 May 2008

Ukrzaliznytsya, Ukraine’s state railway operator, announced plans to spurn its reliance on state credits by turning toward external debt markets, the first Eurobond issue for USD 100-200 mln is expected by the end of the year. Following in Naftogaz Ukrainy’s footsteps, Ukrzaliznytsya will become the second state giant to place Eurobonds. Ukrzaliznytsya unites six Ukrainian railways; in 2006 the company had sales of USD 4.4 bln and net income of USD 140 mln. Oleksandr Klymchuk: We expect the debut issue to have five year maturity with a yield in 7.5-8.3% range. In the mid-term Ukrzaliznytsya’s executives plan to make the company an active external borrower with a series of Eurobonds and syndicated loans to follow. The state-owned monopoly has to implement a USD 3 bln investment program over the next two years to modernize infrastructure and prepare Ukraine’s railways for Euro-2012. The company has already attracted credits from Barclays and Raiffiessen Bank Aval (BAVL: HOLD) totaling USD 400 mln.

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