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Concorde Capital Research: Ukrzaliznytisa asks for cross-default waiver till end-2017, offers 0.5% fee

November 23, 2016 | Cbonds

Ukraine’s railway monopoly Ukrzaliznytsia (RAILUA) released a consent solicitation memorandum on Nov. 22 asking bondholders to extend cross-default waiver till end-2017. The company is now in technical default under its USD 500 mln in Eurobonds as it did not manage to restructure its banking loans by a Sept. 15 deadline.

The noteholders’ meeting to vote for the waiver is scheduled for Dec. 7. If the proposed amendment is approved (with a quorum of 2/3 of total bonds outstanding), the holders who deliver their voting instructions by a Dec. 5 deadline will receive a 0.5% consent fee.

Alexander Paraschiy: This is an event we’ve been expecting for more than two months. We recommend note holders to vote in favor of the waiver by the announced deadline. Thus far, we remain neutral on RAILUA bonds.

Company: Ukrainian Railway

Full company nameUkrainian Railway
Country of riskUkraine
Country of registrationUkraine


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