Uzbekneftegaz has for the first time successfully placed USD 700 million worth of Eurobonds on the London Stock Exchange with the assistance of the Ministry of Finance to mature in 7 years and 4.75%, yield, the company said.
On November 5 and 8, the company held a roadshow for potential investors, during which a global investor call was held with more than 35 institutional investors from the USA, Russia, Europe and Asia, as well as individual meetings with 28 major international investors.
As of November 9, the organizers - Bank GPB International, Citigroup Global Markets, J.P. Morgan Securities and Mitsubishi UFG Securities EMEA targeted 5%.
Bids for a total worth of USD 1.9 billion were received (without orders from the organizer-banks - USD 1.7 billion), and based on the results of the quality and number of bidders analysis, the final interest rate was cut to 4.75%.
International bonds were distributed among over 120 investors from Great Britain, USA, Germany and countries of Europe and Asia.
In preparation for the issue of Eurobonds, Uzbekneftegaz passed an audit of the consolidated financial statements according to IFRS of the international auditing company Ernst & Young (Great Britain), received a corporate rating and an issue rating at BB- with a “stable” outlook by international rating agencies Fitch Ratings and S&P Global Ratings , and also passed all types of legal examinations (audit, financial and management).
