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KazTransGas accepts tenders for $43.68 million of 4 3/8% notes
By Sarah Lizee
Olympia, Wash., May 14 – Kazakhstan’s KazTransGas JSC announced the results of its 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.
As of 11:59 p.m. ET on May 13, the expiration time, $43.68 million of the notes had been validly tendered under the offer, including $300,000 of notes tendered after the early tender time of 5 p.m. ET on April 29.
The company said it accepted all tendered notes for purchase.
The total consideration was set at $950 per $1,000 principal amount. The total consideration was determined under a modified Dutch auction procedure and ranged from $920 to $950 per $1,000 principal amount.
Participating holders could specify the minimum total consideration they were willing to accept, and the clearing price was determined by the early tender time.
To receive the total consideration, which includes a $20 early tender premium per $1,000 principal amount, holders had to 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 had to be submitted in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof.
Citigroup Global Markets Ltd. (44 20 7986 8969, 800 558-3745, 212 723-6106 or liabilitymanagement.europe@citi.com) and ING Bank NV (44 20 7767 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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