Ukrzaliznytsia to refinance forex debts with renewable credit facilities

Ukrzaliznytsia intends to refinance the existing term loans in foreign currency with renewable credit facilities, company Chief Financial Officer Oleksandr Buzhor has said.

"We consider the debt load of the company to be too high and therefore are taking steps to lower it. To this end, we are negotiating with several banks to reduce forex burden and replace most foreign currency loans with renewable credit facilities," he said at a conference call with Ukrzaliznytsia eurobond holders.

According to Buzhor, the difference in the cost of term loans and renewable credit lines will allow Ukrzaliznytsia to save about 30% of costs for serving each loan separately.

He noted that since the end of the past year-the beginning of the current year the company has made significant progress in the issue of debt restructuring and in the near future intends to take next steps in this direction.