The EBRD is contemplating Senior A/B Loan to JSC “Center for Cargo Traffic “TransContainer” (JSC “TransContainer”, the Company). The Loan proceeds will be used to finance acquisition of flatcars and other equipment to support the implementation of the Company’s investment programme, largely focused on fleet renewal and optimisation and aimed at improvement of operational efficiency, which would ultimately lead to the increase in the level of services offered to the market (the “Project”).
The Rail sector in Russia is undergoing a structural reform programme with the ultimate goal to improve efficiency and profitability of rail services in Russia and encourage investments in sector modernisation. As part of its anti-crisis response, the Bank is in the process of developing a reform support programme with JSC Russian Railways (“RZD”) which will be implemented via a series of projects with RZD and its successor companies, including TransContainer.
TransContainer is the first subsidiary of RZD to have been partially privatised: a 15% stake was sold to a group of private investors including the EBRD, at the beginning of 2008. The implementation of this new Project will support further improvement of the corporate governance and operating efficiency of the Company, to unlock its value and prepare it for the next stages of privatisation.
OJSC “TransContainer” is the leading container freight operator in Russia. The company is currently 85 per cent owned by RZD whereas other 15 per cent of shares belong to a group of private investors, including the EBRD.
The Company was set up in 2006 by the RZD as part of the Rail sector reform with the purpose of consolidating and commercialising container operations.
Senior loan of up to USD 100 million to be partially syndicated to commercial banks under an A/B loan structure.
USD 143 million.
Screened B (2008). The potential environmental and social impacts associated with the planned fleet renewal and optimisation programme are limited and can readily be identified, assessed and mitigated. Transcontainer has demonstrated its commitment to implement an Environmental Action Plan ("EAP"), agreed with the Bank in 2007 in connection with the equity investment. The progress in the implementation of the EAP will be reviewed during due diligence. Environmental and social due diligence will be undertaken to review the Company's human resource, environmental, health and safety management systems and contractor management practices. Based on the result of the due diligence, the EAP will be updated to address the full range of the Bank's Performance Requirements and determine specific measures for achieving compliance with them.
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