Ukrainian Railway

State-owned rail monopoly Ukrainian Railway (RAILUA) was incorporated as a public JSC in December 2015, consolidating its regional rail operators. The company owns almost 21,000 km of rail track and a fleet of c. 4,000 locomotives, 110,000 freight and 5,000 passenger railcars. RAILUA accounts for 62% of total freight transportation in Ukraine, being the largest freight operator in Europe, and 36% of domestic passenger transportation. It is the largest domestic employer with a c.300,000-strong labor force.
Year 2021 2024
Issue Volume ($m) 500 595
Coupon Rate (% p.a.) 9.875% 8.25%
Coupon Frequency S/A S/A
Maturity date 9/15/2021 7/9/2024
Ratings: Moody`s/S&P/Fitch -/CCC/B -/-/B *-
Market Price* ($) 100.75 104.50
Market YTM* 4.02% 6.55%
Spread over UST* 407 610
Note: *Based on bid price.
Year 2019 2020 2021E
Net Sales ($m) 3,502 *** ***
EBITDA ($m) 671 *** ***
Net Income ($m) 146 *** ***
EBIT Coverage Ratio (x) 1.37 *** ***
Net Debt/Equity (%) 16.5% *** ***
Covenants
Restriction on payment of dividend -
Payment of Taxes $30m
Financial Reports A - within 180 days; S/A - within 120 days
Max. Net Financial Indebtedness/EBITDA* 3:1
Capacity to incur new indebt.** $250m
Events of Default
Failure to pay 5 days
Cross default $20m/$40m
Expiry of license, illegality, insolvency etc. -
Judgements $10m/60 days

Latest news about Ukrainian Railway

Jul 09, 2021
| Railcars

Ukrainian Railways — Places $300m Eurobond

State rail monopoly Ukrainian Railways (RAILUA) announced the placement of a $300m 5-year Eurobond at a yield of 7.875%. JP Morgan and Dragon Capital lead-managed the issue. The company confirmed the proceeds would be used to refinance outstanding debt.
Jul 08, 2021
| Railcars

Ukrainian Railways — Increases salaries by 10%

State rail monopoly Ukrainian Railways (RAILUA) increased salaries for its employees who were paid less than UAH 30,000 (almost $1,100) per month by 10% effective June.
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