Ukrzaliznytsia plans to borrow UAH 23.1 bln in 2016, return UAH 26.5 bln – draft financial plan

The draft financial plan of public joint-stock company Ukrzaliznytsia for 2016 foresees borrowing UAH 23.1 billion and return of UAH 26.57 billion of credits.

According to an explanatory note to the draft document, as of January 1, 2016, debts on the company's financial liabilities would be UA 42.34 billion (at the exchange rate of UAH 24.10/$1), and as of late 2016 it is planned to have debts of UAH 38.9 billion.

It is planned to raise long-term credits worth UAH 20.6 billion in 2016, including UAH 680 million from the European Investment Bank (EIB, to build the Beskydsky tunnel), UAH 887 million from the European Bank for Reconstruction and Development (EBRD, UAH 11.6 million to build the Beskydsky tunnel and UAH 875 million to buy freight wagons), UAH 179 million from Germany's KfW to modernize diesel locomotives, buy mobile traction substations and UAH 18.9 billion for re-lending (restructuring of internal credit liabilities).

The company plans to issue domestic bonds worth UAH 2.5 billion aimed at restructuring the financial debt on bonds and partially credit debts.

According to the draft financial plan, the company will repay on domestic loan bonds worth UAH 2.6 billion and debts liabilities worth UAH 2 billion.

According to cabinet resolution No. 318-r of April 4, 2015 on some issues of signing deals in connection of the change of conditions of foreign debt liabilities, the company is working on restructuring of Ukrzaliznytsia's foreign debts on $500 million eurobonds.