NMMC Successfully Issues Debut Notes Offering

NAVOI, Uzbekistan, Oct. 18, 2024 /PRNewswire/ -- Navoi Mining and Metallurgical Company (NMMC) today announces the settlement of the Company's inaugural US$ 1bn dual-tranche Eurobond offering (the "Offering") which attracted substantial interest from global investors. The Offering, comprising US$500 million in 4-year notes at a 6.70% yield and US$500 million in 7-year notes at a 6.95% yield, reached an impressive orderbook of US$5.5 billion—more than 5.5 times oversubscribed. This marks the largest orderbook for an issuer from Uzbekistan since the sovereign debut in 2019.

NMMC announced the mandate on October 4 and priced the Offering on October 9, following a three-day hybrid investor roadshow that engaged over 150 institutional investors. The notes were allocated as follows:

• For the 4-year notes, investors from the United Kingdom allocated 44%, the United States 37%, Europe 12%, Middle East and Asia 7% in total.
• For the 7-year notes, investors from the United Kingdom allocated 55%, the US 25%, Europe 14%, Middle East and Asia 6% in total.

To mark this significant milestone, senior NMMC executives rang the closing bell at the London Stock Exchange, highlighting the official debut of the notes on the Main Market.

Eugene Antonov, NMMC First Deputy CEO and Chief Transformation Officer, commented:

"NMMC's inaugural Eurobond issue represents a successful debut on international capital markets for our company. Investors from the UK, US, Europe, the Middle East and Asia heard the NMMC story and recognized the company's strong position in the gold mining industry and the strength of our business. This milestone not only validates our company's strategy and vision but also strengthens our resolve to build NMMC into a truly global mining leader. We are excited to forge lasting relationships with the global investment community as we continue to drive innovation, sustainable growth, and economic prosperity for Uzbekistan."

Jakhongir Khasanov, NMMC Deputy CEO, CFO, added: "The strong demand we received underscores NMMC's position as a key player in the gold mining industry and reflects our commitment to maintaining a disciplined approach to financial management. The proceeds from this offering will allow us to implement a number of significant investment projects, optimize our capital structure, and drive long-term value creation for our stakeholders."

NMMC intends to use net proceeds from the Eurobond offering for general corporate purposes, including but not limited to financing NMMC's capital expenditure programme, repayment or prepayment of existing debt, general working capital and other operational expenses. The new issue will allow NMMC to refinance existing debt at more attractive rates and longer tenors, while also establishing benchmark for future Eurobond issuances.

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SOURCE Navoi Mining and Metallurgical Company