BAKU, Azerbaijan, June 3
Tamilla Mammadova – Trend:
The Georgian Railway borrowed $500 million - the organization placed new Eurobonds on the London Stock Exchange, Trend reports via Georgian media.
This amount is intended to refinance Eurobonds issued by the organization in 2012.
Unlike bonds issued 10 years ago, the interest rate on new bonds will be 2.5 percent lower and will amount to 4.87 percent -5 percent. The new Eurobonds have a maturity of 7 years.
According to the published information, TBC Capital and Renaissance Capital, as well as Galt&Taggart assisted the Georgian Railway in the issue of new Eurobonds.
One of the main goals of the bonds issued in 2012 was the construction of the Tbilisi bypass railway, which cost hundreds of millions of lari to finance the project.
According to separate sources, the distribution of railway revenues is as follows:
Freight shipments - 102.7 million lari ($30.7 million), an increase of 9.4 percent over the previous year;
Logistics services - 17.7 million lari ($5.2 million), an increase of 35 percent over the previous year;
Passenger transfers - 0.7 million lari ($209,343), a decrease of 64 percent over the previous year;
Revenue from car rental - 1.2 million lari ($358,875), a decrease of 71 percent over the previous year;
According to the company’s financial performance, expenditures on the employees made up 40.5 million lari ($12.1 million), electricity and other operating costs were 10.6 million lari ($3.1 million), and depreciation was 17.4 million lari ($5.2 million).
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