By Rebecca Melvin
New York, April 24 – JSC NC KazMunayGas has issued $3.25 billion of notes in three tranches due 2025, 2030 and 2048 (expected ratings: Baa3//BBB-), according to final term sheets seen Tuesday.
The $500 million of seven-year notes priced at par to yield 4¾%, which was the tight end of guidance for a yield of 4¾% to 4 7/8%.
The $1.25 billion of 12-year notes priced at par to yield 5 3/8%, which was at the tight end of 5 3/8% to 5½% guidance.
The $1.5 billion of 6 3/8% notes due April 2048 priced at 99.005 to yield 6.45%, which was the tight end of guidance for yield of 6.35% to 6.6%.
The order books were seen in excess of $4.25 billion.
The new deals were priced concurrently with a tender offer for four series of notes.
Citigroup, Halyk Finance, JPMorgan, MUFG and UBS Investment Bank were joint lead managers and joint bookrunners of the Rule 144A and Regulation S deal.
KazMunayGas is Kazakhstan's state-owned oil and gas company.
| Issuer: | JSC NC KazMunayGas
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| Description: | Senior notes
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| Total amount: | $3.25 billion
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| Bookrunners: | Citigroup, Halyk Finance, JPMorgan, MUFG and UBS Investment Bank
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| Pricing date: | April 17
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| Settlement date: | April 24
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| Expected ratings: | Moody’s: Baa3
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| Fitch: BBB-
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| Distribution: | Rule 144A and Regulation S
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| 2025 notes
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| Amount: | $500 million
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| Maturity: | April 24, 2025
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| Coupon: | 4¾%
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| Price: | Par
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| Yield: | 4¾%
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| Price talk: | Guided to 4¾% to 4 7/8%
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| 2030 notes
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| Amount: | $1.25 billion
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| Maturity: | April 24, 2030
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| Coupon: | 5 3/8%
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| Price: | Par
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| Yield: | 5 3/8%
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| Price talk: | Guided to 5 3/8% to 5½%
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| 2048 notes
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| Amount: | $1.5 billion
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| Maturity: | April 24, 2048
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| Coupon: | 6 3/8%
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| Price: | 99.005
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| Yield: | 6.45%
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| Price talk: | Guided to 6.45% to 6.6%
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