Dechert Advises Ukrainian Railways on a US$500 million Offering

Dechert LLP advised JSC Ukrainian Railways, Ukraine’s national railway company, in connection with the issue of US$500 million 8.25% Loan Participation Notes due 2024 by Rail Capital Markets plc. The transaction closed on 9 July 2019.

Ukraine Railways was advised by a London-based team led by corporate partner Patrick Lyons and associates Jennifer Rees and Amy Rees. “This transaction extends Dechert’s portfolio of railway issuers in the region. In addition, Ukrainian Railways plays a critical role in the economy of Ukraine, and it was an honor to be involved in this important transaction,” said Patrick Lyons.

This transaction follows Dechert’s representation, in May 2019, of JSC National Company Kazakhstan Temir Zholy, Kazakhstan’s national railway company, in connection with its recent tap issuance of CHF 80 million 3.25% Notes due 2023, which were consolidated and form a single series with the CHF 170 million 3.25% Notes Due 2023 issued in December 2018. The Notes are admitted to the official list of the Astana International Exchange, representing the first corporate bond to be admitted to this exchange, and the SIX Swiss Exchange. The Dechert team has also advised JSC Georgian Railway on a number of transactions.

Dechert’s international capital markets team has a strong track record advising on complex, innovative capital markets transactions, including issuances by sovereigns and sub-sovereigns, state-owned companies, banks and other multinational corporations.

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