Dragon Capital Acts as Joint Lead Manager and Joint Bookrunner in US$ 300m Eurobond Offering by Ukrainian Railways
The order book reached ca. US$ 600m, resulting in more than 2x oversubscription, supplied by over 70 investors. Most of the investors represented large asset management funds (94%), reflecting a very high quality book of orders that was built during the execution; banks and private banking institutions accounted for 3%; and hedge funds for the remaining 3%. Geographically, 50% of the investors came from the UK and 41% from continental Europe.
Key transaction parameters:
Issuer |
Rail Capital Markets plc |
Borrower |
JSC Ukrainian Railways |
Borrower ratings |
B (Fitch) / CCC (S&P) |
Issue rating |
B (Fitch) |
Format |
Reg S |
Instrument |
U.S. dollar-denominated fixed rate Loan Participation Notes |
Issue size |
US$ 300m |
Coupon |
7.875%, payable semi-annually |
Pricing date |
8 July 2021 |
Settlement date |
15 July 2021 |
Maturity date |
5 years, 15 July 2026 |
Repayment |
Bullet |
Issue price |
100.0 (par) |
Use of Proceeds |
(i) repayment of the Sberbank Facility (ii) the September 2021 redemption payment under UZ’s notes due 2021 (iii) partial repayment of outstanding amounts under UZ’s revolving credit facilities; and (iv) the remainder of the proceeds, if any, for financing of the Company’s working capital needs |
Law |
English |
Listing |
Irish Stock Exchange (GEM) |
Joint Lead Managers |
J.P. Morgan, Dragon Capital |