OREANDA-NEWS. On February 15, 2008, Russian Railways’ Board of Directors passed a resolution to take up loans of 325 billion roubles in 2008-2010, reported the press-centre of Russian Railways.

The Company will borrow 128,9 billion roubles in 2008, 121,1 billion roubles in 2009 and 75,4 billion roubles in 2010.

The Company’s debt ratios will then be as follows: total debt/revenue - less than 0,3; total debt/EBITDA not more than 1,0.

The Company may issue up to USD7 billion in unsecured Eurobonds as part of its loan programme. Russian Railways plans to place up to USD1,5 billion in Eurobonds in 2008, depending on market conditions.

In 2008, Russian Railways also plans to approve a programme to issue up to 80 billion roubles of rouble bonds with maturities ranging from 3 to 10 years. The securities issue could take place in 2008-2009.

In 2008, the Company plans to take up two syndicated loans from foreign banks for up to USD500 million each, with terms of 3 and 5 years respectively.

In addition, in 2008, Russian Railways plans to apply to VTB, Sberbank and Vnesheconombank for funding of infrastructure projects.

Among the Company’s priority projects are the development of the railway infrastructure from the Kuzbass to Russian ports, the implementation of the second phase of oil shipments to China and the development of high-speed and express passenger traffic.

The total funding requirements of these projects under the 2008 investment program exceeds 60 billion roubles.