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Kazakhstan Temir Zholy tenders, seeks consents for 6 3/8% notes
By Susanna Moon
Chicago, Oct. 27 – JSC NC Kazakhstan Temir Zholy is tendering for its $700 million of 6 3/8% notes due 2020 until 11:59 p.m. ET on Nov. 24.
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 11:59 p.m. ET on Nov. 9, according to a market source.
The issuer also is soliciting consents to allow for mandatory early redemption of the notes after the tender ends at a price of 108.25%, the source said.
The early redemption date has been targeted at Nov. 29.
The offer is being held to proactively manage the company’s upcoming debt redemptions, to lower the average cost of debt portfolio and to extend the average debt maturity profile.
The record date is 5 p.m. ET on Nov. 9.
A meeting has been scheduled for Nov. 28.
Settlement is expected to occur on Nov. 29.
The financing condition requires the company to issue new notes with proceeds of at least $500 million.
As reported, the issuer also plans a dollar-denominated benchmark offering of 10- to 15-year notes.
Tendering and consenting holders may request priority in the allocation of the new issue, the source noted.
The dealer managers and consent solicitation agents are JSC Halyk Finance (+7 727 357 31 77 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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