Ukrainian Railways seeks OK from 9½% noteholders to reprofile debt

By Tali Rackner

Norfolk, Va., Jan. 19 – Ukrainian Railways is seeking consents from holders of its $500 million 9½% loan participation notes due 2018 issued by Shortline plc to allow for debt reprofiling, according to a press release.

The company is soliciting approval to exchange the notes for a new issue of notes and to enter into an amended and restated loan agreement, an amended and restated trust deed, a new agency agreement, a deed of release and a surety agreement deed of release.

A noteholder meeting is set for 5 a.m. ET on Feb. 17. Holders have until 5 p.m. ET on Feb. 12 to vote for the meeting.

The quorum required for the meetings is two or more bondholders representing at least two-thirds of the outstanding bonds. To pass, the measure requires a majority consisting of at least three-fourths of the votes cast.

D.F. King Ltd. (+44 207 920-9700 in London / 800 283-3192 or 212 269-5550) is the information agent. The Bank of New York Mellon, London Branch (+44 120 268-9644) is the tabulation agent.

Deutsche Trustee Co. Ltd. is the trustee.

London-based Shortline said the notes were issued for the sole purpose of funding loans made to several state railways.

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