By Rebecca Melvin
New York, Nov. 14 – JSC NC Kazakhstan Temir Zholy priced $780 million of 4.85% 10-year unsecured guaranteed notes (expected ratings: Baa3/BBB-) at 100.393 to yield 4.8%, a market source said on Tuesday.
Pricing was tightened from initial talk for a yield in the 5% area.
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.
Order books were in excess of $1.8 billion.
The company is a railway transportation company owned by the Republic of Kazakhstan.
| Issuer: | JSC NC Kazakhstan Temir Zholy
|
| Amount: | $780 million
|
| Maturity: | Nov. 17, 2027
|
| Description: | Unsecured guaranteed notes
|
| Bookrunners: | JPMorgan, Renaissance Capital, Halyk Finance and MUFG
|
| Coupon: | 4.85%
|
| Price: | 100.393
|
| Yield: | 4.8%
|
| Trade date: | Nov. 14
|
| Settlement date: | Nov. 17
|
| Ratings: | Moody's: Baa3
|
| S&P: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5% area
|
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