Georgian Railway – Q1 2021 Update

4 Jun, 2021
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  • On May 26th Georgian Railway has announced a tender for an early buyback of its outstanding USD 500mln Eurobond (GRAIL 22). The buyback will be subject to issuing a new 7-year USD denominated senior unsecured Green Eurobond planned to be priced on June 10th 2021
  • TBC Capital is the only Georgian company acting as the Joint Lead Manager together with J.P. Morgan, Citi, and Renaissance Capital syndicate for the new issue, with Galt and Taggart acting as a co-manager of the transaction
  • S&P Global Ratings affirmed its B+ long-term issuer credit rating for Georgian Railway with a Negative Outlook due to the Georgian economy remaining under pressure
  • Georgian Railway posted a 4.8% YoY increase in its revenues in 1Q 2021 in GEL terms (-7.5% YoY in USD terms due to the GEL depreciation)
  • The net finance loss improved by 57.8% YoY, resulting in a net loss of GEL 54.4mln in 1Q 2021, up 70.2% YoY
  • Georgian Railway’s overall freight transportation tariff decreased by 10.0% in Q1 2021 in USD terms
  • Georgian Railway increased containerized cargo throughput by 3.5% YoY
  • The decline in maritime containerized cargo can be explained by a 219.5% increase in transportation prices, providing further positive outlook for future railway containerized cargo
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