JSC Ukrzaliznytsia plans to issue five-year eurobonds in the amount of $300 million, J.P. Morgan and Dragon Capital have been appointed organizers, a banking source has told Interfax-Ukraine.
The series of calls with investors begins on July 6, he said.
As reported, in mid-June, S&P changed the outlook for Ukrzaliznytsia's credit rating from negative to positive in connection with the finalization in May of an agreement with Sberbank on a partial change in the debt repayment schedule to the bank. Under the new terms, the principal payment of $116 million, which was due on May 31, is now evenly distributed.
Currently, according to Ukrzaliznytsia, the company is working on several options for refinancing the debt to Sberbank, which will be implemented under favorable market conditions.
In 2020, Ukrzaliznytsia received UAH 11.9 billion in net loss against UAH 2.99 billion in net profit in 2019, and its revenue decreased by 16.7%, to UAH 75.3 billion.
In March, the company redeemed part of its eurobonds for $50 million and paid a coupon on them.