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JSC "Ukrzaliznytsya" has completed Consent solicitation process in relation to 2021 Notes

December 28, 2017 | Cbonds

Public Joint Stock Company "Ukrainian Railways" (the "Company") is pleased to announce that on December 26, 2017, the National Bank of Ukraine registered changes to the Loan Agreement of 19 February 2016, entered into within the framework of Eurobond issue.

Amendments to the Loan Agreement include, in particular, the exclusion from events of default the domestic indebtedness overdue, and, in general, the carve out of references to any debts which have already been restructured, as well as the waiver from Bondholders (which means refusal from their right to accelerate loan repayment)

Earlier, the Company's bondholders supported the relevant changes by electronic voting and approved them by Extraordinary Resolution at the meeting held on December 8, 2017.

Successful closure of the above-mentioned Agreement allowed the Company to avoid a default and did not allow a simultaneous early repayment of $ 500 million. The company was able to complete the process of restructuring its domestic debt, to ensure the financial stability of the railway industry, and to preserve the credit history and image of the honest borrower in the international capital market.

Issue: Ukrainian Railway, 9.875% 15sep2021, USD

StatusCountry of riskRedemption (offer)VolumeEmission Rating (M/S&P/F)
outstandingUkraine09/15/2021500,000,000 USDCCC+/-/CCC

Company: Ukrainian Railway

Full company nameUkrainian Railway
Country of riskUkraine
Country of registrationUkraine


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