NMMC Triumphs with Major Eurobond Offering Success
NMMC Triumphs with Major Eurobond Offering Success
Navoi Mining and Metallurgical Company (NMMC) has recently achieved a significant milestone by successfully settling its inaugural US$ 1 billion dual-tranche Eurobond offering. This remarkable achievement underscores the company's growing influence in global capital markets, attracting considerable interest from investors around the world. The offering included US$ 500 million in 4-year notes at a yield of 6.70% and another US$ 500 million in 7-year notes with a 6.95% yield, creating a substantial order book totaling US$ 5.5 billion, which is an impressive 5.5 times oversubscribed.
Investor Engagement and Global Interest
With a well-planned hybrid investor roadshow that engaged over 150 institutional investors, NMMC announced the details of their Eurobond addition on October 4 and finalized the pricing on October 9. This proactive approach to investor engagement not only facilitated the strong demand but also illustrated the company’s commitment to transparency and investor relations.
Allocation Breakdown
The allocation of the notes revealed significant interest from various regions. For the 4-year notes, investors from the United Kingdom accounted for 44%, the United States for 37%, Europe for 12%, and the Middle East and Asia together contributed 7%. Similarly, for the 7-year notes, the UK investors took the lead with 55%, the US represented 25%, Europe 14% and the remaining 6% arose from the Middle East and Asia. This diverse interest signifies the company’s strong international reputation.
Significance Celebrated at the London Stock Exchange
Highlighting this successful milestone, NMMC's senior executives had the honor of ringing the closing bell at the London Stock Exchange, marking the official introduction of the notes on the Main Market.
Management Comments
Eugene Antonov, NMMC's First Deputy CEO and Chief Transformation Officer, expressed enthusiasm, stating, "NMMC's inaugural Eurobond issue signifies a successful debut for our company in international capital markets. Investors from various regions recognized our strong position in the gold mining industry, translating into robust demand for the offering. This achievement validates our strategic vision and strengthens our resolve to establish NMMC as a global mining leader. We look forward to cultivating lasting relationships within the global investment community as we pursue innovation and sustainable growth."
Furthermore, Jakhongir Khasanov, NMMC's Deputy CEO and CFO, added, "The considerable demand we received underscores our firm's strategic role in the gold mining sector and highlights our commitment to disciplined financial management. The proceeds from this offering will play a vital role in funding key investment projects, optimizing our capital framework, and enhancing long-term value for our stakeholders."
Utilization of Proceeds from the Eurobond Offering
NMMC plans to utilize the net proceeds from its Eurobond offering for various purposes, primarily focusing on corporate initiatives. These include financing capital expenditure programs, addressing existing debt, and covering operational expenses. This new issuance will not only facilitate refinancing current debt at more favorable rates and lengths but also serve as a benchmark for future Eurobond issuances.
Frequently Asked Questions
What is the purpose of NMMC's Eurobond offering?
NMMC's Eurobond offering aims to support various corporate initiatives, including financing capital expenditures and refinancing existing debt for better terms.
How much has NMMC raised through this bond offering?
NMMC has successfully raised US$ 1 billion through its dual-tranche Eurobond offering.
What was the investor demand for the Eurobond offering?
The offering was significantly oversubscribed, with an impressive total order book amounting to US$ 5.5 billion.
How will the proceeds be utilized by NMMC?
The proceeds will go towards capital expenditure programs, existing debt prepayments, and various operational expenses.
What does this milestone mean for NMMC?
This achievement marks NMMC’s successful entry into international capital markets, enhancing its global reputation and investor relationships.
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