Development Bank of Kazakhstan gives early tender results

By Mary-Katherine Stinson

Lexington, Ky., Sept. 21 – JSC Development Bank of Kazakhstan announced it received tenders for $214,041,000 notes by the early deadline of its offer to purchase for cash up to $300 million of its outstanding $500 million 2.95% notes due 2031 (ISINs: XS2337670694, US25159XAD57), according to a press release.

As of the early tender deadline of 5 p.m. ET on Sept. 20, all the notes tendered have been accepted for purchase without proration. The early tender deadline was also the withdrawal deadline.

The bank launched the offer on Sept. 7 and is offering to pay $797.50 per $1,000 principal amount of notes including an early tender premium of $30.

Noteholders who tender after the early deadline but before the expiration time will receive $767.50 per $1,000 principal amount of notes.

Accrued interest will also be paid.

Tenders may be subject to proration if the cap is exceeded. Notes tendered by the early deadline have priority over notes tendered prior to the expiration date.

The maximum tender amount may be increased or decreased without extending or reinstating the withdrawal rights.

The offer will expire at 11:59 p.m. ET on Oct. 4.

Settlement is expected for Oct. 7.

J.P. Morgan Securities plc (+44 20 7134 2468, em_europe_lm@jpmorgan.com) is the dealer manager for the tender offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880, dbk@is.kroll.com) is information and tender agent.

The bank is based in Nur-Sultan, Kazakhstan.

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