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Published on 11/28/2017 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Kazakhstan Temir Zholy gets tenders for $2 million more 6 3/8% notes

By Susanna Moon

Chicago, Nov. 28 – JSC NC Kazakhstan Temir Zholy said investors had tendered $589,193,000, or 84.17%, of its $700 million of 6 3/8% notes due 2020.

As a result, the company had obtained tenders for another $2 million of the notes since the early deadline at 11:59 p.m. ET on Nov. 9.

The issuer also received voting instructions to be cast in favor of its proposed amendments without tendering notes for $21,165,000 principal amount, or 3.02%, of the outstanding notes, according to a company update on Monday.

After settlement, there will be $110,807,000 principal amount of the notes left outstanding, which will be redeemed at a price of 108.25% on Nov. 29.

As announced Oct. 27, the company was tendering for the notes until 11:59 p.m. ET on Nov. 24 as well as soliciting consents to allow for mandatory early redemption of the notes.

The total purchase price is 111.25%, consisting of a tender price of 108.25% with an early tender premium of 3% for notes tendered by the early deadline.

Of the total amount tendered, the company received $587,193,000, or 83.88%, of the notes as of the early deadline at 11:59 p.m. ET on Nov. 9.

The amount of voting instructions sent without tenders remains unchanged since the early deadline.

A meeting was scheduled for Nov. 28.

Settlement is expected to occur on Nov. 29.

The offer contained a financing condition that required the company to issue new notes with proceeds of at least $500 million.

As reported, the issuer also planned a dollar-denominated benchmark offering of 10- to 15-year notes.

The dealer managers and consent solicitation agents are JSC Halyk Finance (+7 727 357 3177 or halykfinance@halykfinance.kz), J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com), MUFG Securities EMEA plc (+44 20 7577 4048/4218 or DCM-LM@int.sc.mufg.jp) and Renaissance Securities (Cyprus) Ltd. (+357 22 360 000 or SyndicateDCM@rencap.com).

The tender and tabulation 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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