Ukrainian Railway (RAILUA)

Issuer Profile

Ukrzaliznytsya (UZ), state-owned rail monopoly, operates six regional railways and 142 other subsidiaries. UZ operates a rail track network of 21,600 km and a fleet of 3,994 locomotives and 123,085 railcars (c. 55% of Ukraine’s total freight car fleet). It accounted for 82% of total freight transportation and 38% of total passenger transportation in Ukraine in 2013, ranking first in Europe (excluding Russia) in terms of freight turnover and fourth on passenger turnover. With 363,000 employees as of end-4Q13, UZ is one of the largest employers in Ukraine.

Bond Information

Market Price* ($)103.3
Market YTM*7.70%
Spread over UST*513
Issue Volume ($m)500
Coupon Rate (% p.a.)9.88%
Coupon FrequencyS/A
Maturity Date9/15/2021
Ratings: Moody's/S&P/Fitch-/CCC+/CCC

Note: *Based on bid price.

Memorandum Terms

Financial Reports A - within 180 days; S/A - within 120 days
Events of Default:  
Failure to pay 5 days
Cross default $20m/$40m
Expiry of license, illegality, insolvency etc.
Judgments $10m/60 days

Issuer Financials

Net Sales ($m)2,7542,6062,7813,155
EBITDA ($m)806.0773.0752.0622.0
Net Income ($m)(550.0)(287.0)4.00-
EBIT Coverage Ratio (x)2.190.411.64-
Net Debt/Equity (%)20.17%20.00%16.24%-


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