Eurasian Development Bank holds Dutch auction for 4.767% notes

Chicago, Aug. 8 – Kazakhstan’s Eurasian Development Bank started a capped $300 million tender offer for its $435,985,000 outstanding 4.767% notes due 2022 (ISIN: XS0831571434), according to an announcement.

The tender offer will be conducted as a modified Dutch auction with a minimum purchase price of $980 and a maximum purchase price of $1,000 per $1,000 principal amount of notes. Interest will also be paid on the notes.

All notes will be purchased at the same price.

Noteholders may either tender their notes as a non-competitive tender offer without a minimum purchase price or as a competitive tender offer with a minimum purchase price in increments of $1.25 over the minimum $980 purchase price.

Tenders may be prorated.

The offer, which started Monday, has an early deadline of 11 a.m. ET on Aug. 12.

The offer expires at 11 a.m. ET on Aug. 19.

Results will be announced on Aug. 22, and the offer will settle on Aug. 24.

The notes are listed on the London Stock Exchange. There were originally $500 million of the notes.

The bank is conducting the tender offer to acquire some of its outstanding notes at their current market prices, which is reflective of the bank’s liquidity position and consistent with its ongoing liability management objectives.

D.F. King & Co., Inc. (+44 20 7920 9700, +852 3953 7208, eurasian@dfkingltd.com, https://sites.dfkingltd.com/eurasian) is the information and tender agent for the offer.

The bank is based in Almaty, Kazakhstan.

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