The Uzbekneftegaz company, with the assistance of the Ministry of Finance, for the first time successfully placed Eurobonds on the London Stock Exchange in the amount of USD 700 million for a period of 7 years at 4.75%. This was reported by the press service of the company.
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 arranger banks Bank GPB International, Citigroup Global Markets, JP Morgan Securities and Mitsubishi UFG Securities EMEA have set the initial interest rate on Eurobonds at 5%.
Applications for a total amount of USD 1.9 billion were received (without orders from the organizing banks – USD 1.7 billion), and based on the results of the quality and number of participants’ analysis, the final interest rate was reduced to 4.75%.
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).
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