Development Bank of Kazakhstan accepts $215.79 million tendered notes

By Marisa Wong

Los Angeles, Oct. 5 – JSC Development Bank of Kazakhstan announced the final results of its Sept. 7 offer to purchase for cash up to $300 million of its outstanding $500 million 2.95% notes due 2031 (ISIN: XS2337670694, US25159XAD57).

As of the expiration of the offer at 11:59 p.m. ET on Oct. 4, $1,746,000 of additional notes had been tendered since the early participation deadline, according to a Wednesday press release.

As announced on Sept. 21, holders had tendered $214,041,000 of the notes by the early participation deadline at 5 p.m. ET on Sept. 20.

Because the total amount tendered under the offer, $215,787,000, is less than the offer cap, the issuer will accept all of the tendered notes for purchase.

The bank will pay $797.50 per $1,000 principal amount of early tendered notes. The total consideration includes an early tender premium of $30.

Holders who tendered after the early deadline will receive $767.50 per $1,000 of notes.

The issuer will also pay accrued interest.

Settlement is expected for Oct. 7.

J.P. Morgan Securities plc (+44 20 7134 2468, em_europe_lm@jpmorgan.com) is the dealer manager for the tender offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880, dbk@is.kroll.com) is information and tender agent.

The bank is based in Nur-Sultan, Kazakhstan.

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