OREANDA-NEWS. May 04, 2008. The Board of Directors of Russian Railways approved the issue of rouble bonds totalling 80 billion roubles in accordance with the Company’s borrowing programme for 2008-2009, which consists of 5 rouble bond issues, reported the press-centre of Russian Railways:

1) 20 billion roubles for a term of 3 years (Series 08)
2) 15 billion roubles for a term of 5 years (Series 09)
3) 15 billion roubles for a term of 5 years (Series 10)
4) 15 billion roubles for a term of 7 years (Series 11)
5) 15 billion roubles for a term of 10 years (Series 12)

The securities will be available via open subscription on Moscow’s MICEX stock exchange.

The issues are planned for 2008-2009 years, depending on market conditions.

The Company has several outstanding bonds: Russian Railways 03 Series with 4 billion roubles outstanding and maturity of December 2009, Series 05 (10 billion roubles, maturity in January 2009), Series 06 (10 billion roubles, maturity in November 2010) and Series 07 (5 billion roubles,maturity inNovember 2012).

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Russian Railways plans total borrowings of 325 billion roubles to 2010, with 128,9 billion roubles being taken up in 2008, 121,1 billion roubles in 2009 and 75,4 billion roubles in 2010.

The Company’ s debt ratios will be within the following values: total debt / revenues will not exceed 0,3, while total debt / EBITDA will remain under 1.0.

The Company’s investment programme to 2010 amounts to 1,3 trillion roubles.