Kazakhstan Temir Zholy offers $780 million 10-year notes at 5% area; pricing expected Monday

By Rebecca Melvin

New York, Nov. 13 – JSC NC Kazakhstan Temir Zholy plans to price $780 million of 10-year unsecured guaranteed notes (expected ratings: Baa3//BBB-) that were being talked to yield in the area of 5%, a market source said on Monday.

JPMorgan, Renaissance Capital, Halyk Finance and MUFG were joint bookrunners of the Rule 144A and Regulation S notes, which are guaranteed by JSC Kaztemirtrans and JSC KTZ-Freight transportation, and expected to price later Monday.

The company is a railway transportation company owned by the Republic of Kazakhstan.

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