KazAgro posts early tenders for $836.96 million 4 5/8% notes due 2023

By Susanna Moon

Chicago, Feb. 5 – JSC KazAgro National Management Holding said holders had tendered $836,959,000, or 87.05%, of its 4 5/8% notes due 2023 as of the early deadline at 11:59 a.m. ET on Feb. 4.

As announced Jan. 23, the issuer is tendering for the $961.5 million outstanding 4 5/8% notes until 5 a.m. ET on Feb. 20.

The company is also asking holders to consent to changes to the 2023 notes to provide for mandatory early redemption of the notes.

KazAgro received additional voting instructions in favor of the proposed changes for $27.92 million of notes, bringing the total count to $864,879,000, or 89.95%, according to a company update on Tuesday.

Holders who tendered by the early deadline will receive the total purchase price of $1,020 per $1,000 principal amount, which includes an early tender premium of $20 per $1,000 principal amount. The early tender premium is equal to the consent fee, the issuer previously noted.

Settlement is slated for Feb. 25.

Citigroup Global Markets Ltd. (attn.: liability management group, +44 20 7986 8969, liabilitymanagement.europe@citi.com) is the dealer manager. Citibank, NA, London Branch (attn.: LM Team – Agency and Trust, +44 20 7508 3867, citiexchanges@citi.com) is the tender and tabulation agent.

KazAgro supports government grain reserves, provides loans and invests in financial leasing in the agricultural sector. The issuer is based in Astana, Kazakhstan.

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