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Kazakhstan’s KazTransGas tenders for $100 million 4 3/8% notes
By Wendy Van Sickle
Columbus, Ohio, April 16 – KazTransGas JSC launched a tender offer for up to $100 million of its $750 million of 4 3/8% bonds due 2027 (ISIN: XS1682544157, US48668NAA90), according to a London Stock Exchange notice.
The notes are guaranteed by Intergas Central Asia JSC.
The total consideration will be determined under a modified Dutch auction procedure and will range from $920 to $950 per $1,000 principal amount. Participating holders may specify the minimum total consideration they are willing to accept, and a clearing price will be determined by the early tender time, 5 p.m. ET on April 29.
The offer will expire at 11:59 p.m. ET on May 13.
To receive the total consideration, which will include a $20 early tender premium per $1,000 principal amount, holders must tender their notes by the early tender time.
Holders will also receive accrued interest.
The purpose of the offer is to take advantage of the company's liquidity position and current market volatility to proactively manage the company's liabilities. All notes accepted for purchase under the offer will be canceled.
Tenders must be submitted in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof.
Citigroup Global Markets Ltd. (44 207 986 8969, 800 558 3745, 212 723 6106 or liabilitymanagement.europe@citi.com) and ING Bank NV (44 207 767-6784 or liability.management@ing.com) are the dealer managers.
Citibank, NA, London Branch (44 20 7508 3867 or citiexchanges@citi.com) is the tender agent.
The gas supply company, a subsidiary of state-owned KazMunayGas JSC, is based in Astana, Kazakhstan.
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