KazMunayGas National Company Joint-Stock Company has completed a $500 million tender offer for its 5.375% notes due 2030. The tender offer, announced on August 19, sought to purchase up to $500 million of the notes. The early tender deadline was September 3, and the company accepted the full principal amount of $500 million at this deadline.
The total outstanding notes prior to the tender were $1.25 billion. Submissions during the early tender time exceeded the maximum tender amount, necessitating the application of a proration factor to determine which notes would be accepted. The accepted notes were purchased and subsequently cancelled. The offerors paid the total consideration, which included an early tender payment plus accrued interest, on the early settlement date for the accepted notes.
Citigroup Global Markets Limited, J.P. Morgan Securities plc, and J.P. Morgan SE acted as dealer managers. Kroll Issuer Services Limited served as the tender and information agent. Diana Aryssova, Deputy Chairman of the Management Board of KazMunayGas National Company, and Otmar E. Carolus, Managing Director A of KazMunaiGaz Finance Sub B.V., acted on behalf of their respective entities.
