Sidley Advises the Banks on RMB and USD Capital Market Transactions for KazMunayGas Exceeding US$1 Billion in Value

Sidley advised banks on a new RMB bond offering and a separate tender offer for certain outstanding USD bonds issued by KazMunayGas (“KMG”).

Sidley advised BOC International, Bank of China (Hong Kong), China CITIC Bank International, Industrial and Commercial Bank of China (Asia) Limited, and Citi in their roles as joint global coordinators, joint bookrunners and joint lead managers on the successful RMB 3.5 billion Eurobond offering by KMG, which were issued as a five-year and a 10-year tranche. The offering was one of the largest in the history of RMB bond offerings by issuers outside China and Hong Kong and enabled KMG to raise financing in the bond markets at historically low borrowing costs, with the proceeds being used to finance KMG’s large-scale investment program.

The multi-jurisdictional Sidley team was led by partners Vladimir Mikhailovsky and Carrie Li, and senior managing associate Joel Lam. Partner David Howe continues to advise the trustee and agents in connection with KMG’s RMB debt issuance programme.

In addition, Sidley advised Citi and JP Morgan as dealer managers in connection with a US$500 million capped tender offer launched by KMG for certain outstanding USD bonds. The team was led by Vladimir Mikhailovsky with assistance from Jong-Ihn Chung.