NMMC Boosts Uzbekistan’s Global Market Presence with $1 Billion Notes Offering
Navoi Mining and Metallurgical Company (NMMC) has made history with the successful completion of its inaugural $1 billion dual-tranche Notes offering, solidifying its position as a key player in Uzbekistan’s presence in the global capital markets. This groundbreaking transaction includes $500 million in 4-year notes at 6.70% and $500 million in 7-year notes at 6.95%.
The significance of this transaction goes beyond mere numbers, as it represents a series of major milestones for NMMC and Uzbekistan as a whole. Notable achievements include having the largest orderbook for an Uzbek issuer since the country’s sovereign debut in 2019, with the offering oversubscribed by more than 5.5 times, reaching $5.5 billion. This offering also marks the first corporate issuance from Uzbekistan in global debt markets since November 2021, making it one of the largest corporate deals from the CIS region since July 2020.
Prior to the offering, NMMC secured its first-ever credit ratings, with S&P assigning a bb+ rating and Fitch a bb rating, both capped at the sovereign level of BB-. The successful transaction was preceded by a three-day hybrid investor roadshow that involved more than 150 investors globally, showcasing the strong demand for the Notes.
Eugene Antonov, NMMC’s First Deputy CEO and Chief Transformation Officer, emphasized the significance of the transaction, stating that it reaffirms NMMC’s position as a leader in the mining industry. Meanwhile, Jakhongir Khasanov, NMMC’s Deputy CEO for Economics and Finance, highlighted the long-term relationship with the global investor community that this milestone initiates.
The proceeds from the Notes will be utilized for general corporate purposes, including financing capital expenditures, repaying existing debt, and supporting working capital needs. This offering not only positions NMMC to refinance existing debt under more favorable terms but also sets a benchmark for future debt placements. Overall, this transaction cements NMMC’s financial stability and resilience, paving the way for continued growth and success in the years to come.
