Kazakhstan Temir Zholy accepts tenders of $217.02 million 6.95% notes

By Sarah Lizee

Olympia, Wash., June 4 – JSC NC Kazakhstan Temir Zholy announced the results of the tender offer for its $1.1 billion of 6.95% notes due 2042 (ISIN: XS0799658637) that ended at noon ET on June 2.

By the expiration time, $217,022,000 of the notes had been tendered.

The company said it accepted all tendered notes for purchase. Following the repurchase, $882,978,000 of the notes will remain outstanding.

As previously reported, the issuer had launched the offer expecting to tender for up to $350 million of the Regulation S global notes.

The purchase price per $1,000 principal amount of notes is $1,280 plus accrued interest.

The issuer’s current intention is to repurchase and cancel the notes, but it reserves the right to hold the notes.

The company said the financing condition for the tender offer has been satisfied. The company had previously said it was proposing to finance the tender with the proceeds of a new term loan.

Settlement of the tender offer is expected to occur on June 10.

The dealer managers are MUFG (+44 20 7577 4145 or liability.managmenet@mufgsecurities.com) and Sova Capital Ltd. (+44 20 7826 8200 or cmo@sovacapital.com).

The tender 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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