26 Mar 2024 15:24

Russian Railways to begin replacing two Eurobond issues maturing in 2026 on March 29

MOSCOW. March 26 (Interfax) - OJSC Russian Railways (RZD) will begin replacing two issues of Eurobonds denominated in rubles and Swiss francs that mature in 2026 with local bonds on March 29, the company said.

Offers and documents required to complete the relevant transactions to acquire replacement bonds from series ZO26-2-R and ZO26-1-FR will be accepted from Eurobond holders from 11:00 a.m. Moscow time on March 29 to 6:00 p.m. Moscow time on April 9, RZD said.

Bondholders must contact the Russian depositories in which their ownership rights to the bonds are recorded to gather the confirmation documents and send the original documents needed for the replacement independently or through an authorized party during working hours, preliminarily sending copies in electronic form. Offers will be compiled in electronic form starting on March 29, the company said.

The anticipated date on which the placement of the replacement bonds for both issues will be concluded is May 15.

RZD has an outstanding Eurobond issue of CHF250 million that matures in March 2026 and an issue of 15 billion rubles that matures in September 2026. The company said last week that it would disclose the terms and timetable for the replacement of these two Eurobond issues in March.

RZD has also announced plans regarding other Eurobond issues. For another four issues, the timing and terms of the placement of replacement bonds will depend on the registration of the bonds by the Central Bank of Russia and the making of other necessary decisions in line with the law, the company said earlier. These issues include one that matures in 2025 and two that mature in 2028 in rubles, and one Eurobond issue in Swiss francs that matures in 2028. At this point, RZD plans to begin replacing these Eurobonds taking into account possible registration of the replacement bond issues in April-June.

RZD will not replace its Eurobond issue that matures in October 2024, since it has received government permission to service these bonds as usual.