RZD finalised the settlement of its tender offer for outstanding Eurobond issues denominated in USD and CHF, and the placement of two new Eurobond issues denominated in USD and RUB. The transactions were part of Russian Railways’ programme of credit portfolio optimisation aimed at reducing the holding’s currency debt exposure and balancing its repayment schedule.
As a result of these deals, short-term Eurobonds maturing in 0.5 and 1.5 years and totalling an equivalent of about USD 680m were redeemed, and replaced with the new issues in the amount of USD 500m maturing in 4 years, and RUB 15bn (USD 237m) maturing in 7 years.
The issues were placed on the international market using an LPN structure via the Irish SPV-issuer, RZD Capital P.L.C.
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