Kazakhstan Temir Zholy launches $780 million 10-year guaranteed notes to yield 4.8%

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-) to yield 4.8%, a market source said on Monday.

Pricing was tightened from the 5% area and terms were expected to be fixed late Monday, but final terms were not available by Prospect News’ deadline.

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.

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