Russian Railways raises $420 mln syndicated loan, borrows 45 bln rubles from VTB

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Russian Railways raises $420 mln syndicated loan, borrows 45 bln rubles from VTB

MOSCOW. March 30 (Interfax) - Russian Railways (RZD) raised a $420 million syndicated loan in March, according to a report by the company.

The loan will have to be paid back in 2022.

The company also borrowed 45 billion rubles from VTB in March, repayable by 2020 at 9.75% pa.

RZD borrowed actively at the start of the year, placing $500 million in seven-year Eurobonds at 4.375% and 15 billion rubles on seven-year Eurobonds at 8.99%.

The net debt/EBITDA ratio audited to Russian Accounting Standards (RAS) was 2.8x at end-2016, below the company's "corporate guidance of 3x," RZD chief Oleg Belozerov has said. FX borrowing accounted for just over 38% of the total debt, down from 46.5% a year previously.