Public joint-stock company Ukrzaliznytsia seeks to restructure UAH 5 billion of credit debt by September 2016, a member of the Board Oleksandr Buzhor said at a roundtable in the American Chamber of Commerce on Wednesday.
"We hope that around UAH 5 billion out of UAH 20 billion that is to be restructured will be rescheduled by September 2016. We would have only UAH 3 billion or UAH 4 billion linked to Donetsk Railways," he said.
According to Ukrzaliznytsia, its total liabilities by late 2015 amounted to UAH 41.979 billion, including UAH 20.811 billion of short-term liabilities: UAH 25.807 billion of bank credits, UAH 12.129 billion of eurobonds, UAH 3.691 billion of domestic bonds, UAH 346.487 million of other loans and UAH 4.713 million of overdraft loans.
As reported, holders of Ukrzaliznytsia's $500 million eurobonds in February 2016 approved restructuring. The coupon rate was increased from 9.5% to 9.875% (valid from November 21, 2015), and the maturity date is extended from May 21, 2018 to September 15, 2021.
The structure of depreciation is changed. Repayment of the securities will be carried out in the following way: 60% of the outstanding principal amount of the debt will be paid in 2019, namely 30% on March 15, 2019, 30% on September 15, 2019; 20% of the outstanding principal amount of the debt will be paid in 2020, namely 10% on March 15, 2020, 10% on September 15, 2020 and 20% of the outstanding principal amount of the debt will be paid in 2021, namely 10% on March 15, 2021, 10% on September 15, 2021.