The NMMC announced the mandate for its inaugural dual-tranche
Eurobond offering on October 4, 2024, and successfully priced the
offering on October 9, following a three-day hybrid investor
roadshow that engaged over 150 institutional investors
globally.
The 4-year notes saw 44 percent of the allocation going to
investors in the UK, 37 percent to the US, 12 percent to Europe,
and 7 percent to the Middle East and Asia. Simultaneously,
investors in the UK received 55 percent of the 7-year notes, while
the US received 25 percent, Europe received 14 percent, and the
Middle East and Asia received six percent.
"The company’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,” NMMC's
First Deputy CEO and Chief Transformation Officer Eugene Antonov
said.
The NMMC intends to use net proceeds from the Eurobond offering
for general corporate purposes, including but not limited to
financing NMMC’s capital expenditure program, 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 benchmarks for future Eurobond issuances.
The Navoi Mining and Metallurgical Company is the world’s
fourth-largest gold producer, with an annual output of 2.9 million
ounces of gold (2023) and a total mineral resource base of 148
million ounces. The company’s operating mines include
Muruntau-Myutenbay, the world’s largest gold deposit with over 100
Moz resource bases. Its business model includes exploration, mine
construction, operating mines and processing facilities, and gold
refining, as well as mining equipment manufacturing and repair.
