Canada: CN raised U$497m through a public offering of 4·6million common shares and a concurrent issue of US$230m in convertible preferred securities which both closed on June 23.
BC Rail reported a 26% fall in operating profit for 1998-99 on June 24, with profit at parent British Columbia Railway Co down from C$40·2m in 1997-98 to C$26·5m. The decline was attributed to lower freight rates and retrenchment in the local mining and forestry sectors.
China: Hong Kong MTR Corp has signed a US$72·5m export credit facility with the Export-Import Bank of Korea. It will be drawn down over 33months to finance EMUs for the Tseung Kwan O extension being built by Mitsubishi and Hyundai.
Kowloon-Canton Railway Corp launched a 10-year US$500m international bond issue on July 13, as the first tranche of a US$1·5bn medium-term note programme managed by Morgan Stanley Dean Witter and HSBC Capital Markets.
Czech Republic: CD is to receive KC84·6m this year from the National Property Fund, raised through the sale of railway assets between 1995 and 1998.
France: SNCF is to raise 1·8bn euros this year, including 1bn euros from public issues and 450m euros through private placements. The company’s first bond issue in euros took place in June, with the 10-year bonds expected to raise between 500m and 750m euros.
Ile-de-France regional council voted on July 1 to contribute Fr500m for work on the TGV Est high speed line. Three other régions are providing Fr4·2bn towards the Fr20·5bn Phase 1 (RG 3.99 p130).
India: Konkan Railway Corp has issued five-year tax-free bonds to raise Rs1·8bn. Bearing a 10·5% interest coupon payable semi-annually, the bonds were offered on a private placement basis.
Philippines: United Coconut Planters Bank has signed an agreement to lend Fil-Estate Corp US$50m towards the US$655m cost of the MRT 3 project (MR98 p50). Fil-Estate holds a 24·75% stake in building consortium Metro Rail Transit Corp.
Slovakia: Investicní a Postovní banka of the Czech Republic is to lend ZSR US$60·4m. The loan has been guaranteed by the Slovakian government.
