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Tranz Rail Expects To Conclude Refinancing Talks

Tranz Rail Expects To Successfully Conclude Refinancing Negotiations

Tranz Rail Holdings Limited announced this evening that it expects to conclude its refinancing negotiations tomorrow and obtain all necessary approvals to proceed with its rights issue. The Aratere Group has given its consent and the banking syndicate, including Citibank, has approved the Company’s new banking facility.

As part of this agreement, Tranz Rail will break substantially all its foreign exchange hedge contracts in respect of its Aratere lease obligations. Based on current exchange rates this will not result in any impact on Tranz Rail’s income statement and will provide cash proceeds in the order of $10 million. In addition, Tranz Rail’s lease payments through to mid-2004 will be fully hedged.

Chairman Wayne Walden said, “While the company would have preferred to retain its passive foreign exchange position, this outcome provides substantial funds to manage that exposure going forward in what is regarded as a favourable market environment and outlook for the New Zealand dollar.”

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