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Kazakhstan Temir Zholy gets tenders for 83.88% of 6 3/8% notes so far
By Susanna Moon
Chicago, Nov. 13 – JSC NC Kazakhstan Temir Zholy said investors had tendered $587,193,000, or 83.88%, of its $700 million of 6 3/8% notes due 2020 as of the early deadline at 11:59 p.m. ET on Nov. 9.
The issuer also received voting instructions to be cast in favor of its proposed amendments without tendering notes for $21,165,000 principal amount, or 3.02%, of the outstanding notes, according to a company update on Monday.
As announced Oct. 27, the company is tendering for the notes until 11:59 p.m. ET on Nov. 24.
The issuer also is soliciting consents to allow for mandatory early redemption of the notes after the tender ends at a price of 108.25%. The early redemption date has been targeted at Nov. 29.
The total purchase price is 111.25%, consisting of a tender price of 108.25% with an early tender premium of 3% for notes tendered by the early deadline.
The record date is 5 p.m. ET on Nov. 9.
A meeting has been scheduled for Nov. 28.
Settlement is expected to occur on Nov. 29.
The financing condition requires the company to issue new notes with proceeds of at least $500 million.
As reported, the issuer also plans a dollar-denominated benchmark offering of 10- to 15-year notes.
Tendering and consenting holders may request priority in the allocation of the new issue.
The dealer managers and consent solicitation agents are JSC Halyk Finance (+7 727 357 31 77 or halykfinance@halykfinance.kz), J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com), MUFG Securities EMEA plc (+44 20 7577 4048/4218 or DCM-LM@int.sc.mufg.jp) and Renaissance Securities (Cyprus) Ltd. (+357 22 360 000 or SyndicateDCM@rencap.com).
The tender and tabulation agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or ktz@lucid-is.com; https://portal.lucid-is.com).
The company is a railway transportation company owned by the Republic of Kazakhstan.
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