Sidley Advises the Joint Global Coordinators, Dealer Managers and Joint Bookrunners on QazaqGaz’s US$700 Million Bond Offering and Liability Management Exercise

Sidley advised the Joint Global Coordinators and Dealer Managers (Citigroup Global Markets Limited and J.P. Morgan Securities plc) and Joint Bookrunners (MUFG Securities EMEA plc and Oman Investment Bank S.A.O.C.) on the successful offering by JSC National Company QazaqGaz (QazaqGaz) of US$700 million 5.625% guaranteed notes due 2036.

Sidley advised on the issuance of new notes structured as a Regulation S/Rule 144A offering and on the liability management exercise involving a tender offer and consent solicitation relating to QazaqGaz’s outstanding bonds.

QazaqGaz is the main state-owned gas company of the Republic of Kazakhstan, with the largest gas transmission network in the Central Asian region, and is a portfolio company of Samruk-Kazyna, the country’s sovereign wealth fund.

The Capital Markets team was led by partners Vladimir Mikhailovsky and David Stewart, with support from associates Anastasia Sheyndlina and Jong-Ihn Chung, and trainee solicitor Sepanta Tabatabaei. Partner David Howe advised the trustee and agents in connection with the new bond and the liability management exercise.