KazMunayGas seeks consents to amend five note series

By Rebecca Melvin

Concord, N.H., May 24 – JSC NC KazMunayGas and KazMunayGaz Finance Sub BV said they are soliciting consents to amend five series of notes until June 14.

The notes covered by the consent solicitation are:

• $500 million 4¾% notes due 2025;

• $1 billion of 4¾% notes due 2027;

• $1.25 billion 5 3/8% notes due 2030;

• $1.25 billion 5 3/8% notes due 2047; and

• $1.5 billion 6 3/8% notes due 2049.

There is an early consent fee to be split among all holders of the relevant series who validly submit voting instructions before 5 p.m. ET on June 7.

If 100% of holders consent, the fee will be $4.80 per $1,000 principal amount of 2025 notes, $6.60 per $1,000 principal amount of 2027 notes, $8.72 per $1,000 principal amount of 2030 notes, $14.48 per $1,000 principal amount of 2047 notes and $14.53 per $1,000 principal amount of 2048 notes.

If 66 2/3% of holders consent, the fee will be $7.20 per $1,000 principal amount of 2025 notes, $9.90 per $1,000 principal amount of 2027 notes, $13.08 per $1,000 principal amount of 2030 notes, $21.72 per $1,000 principal amount of 2047 notes and $21.80 per $1,000 principal amount of 2048 notes.

A meeting will be held on June 16.

The solicitation is seeking to align the terms and conditions of each series of notes with the terms and conditions of the $750 million 3½% notes due 2033. In the proposed amendments become effective, the commercial provisions of the amended terms and conditions of each series will be the same as the terms and conditions of the 2020 notes. In addition, the holders of the 2025 notes, the 2027 notes, the 2030 notes, the 2047 notes and the 2048 notes are being requested to provide their consent to, and approve, the alignment of schedule 4 to each trust deed with schedule 4 to the 2020 trust deed.

The alignment, if implemented, will provide KazMunayGas with the flexibility required to pursue its corporate development strategy and role as the national oil company.

KazMunayGas is an Astana, Kazakhstan-based state-owned oil and gas company.

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