Dechert’s Emerging Markets Practice Completes Two Key Kazakhstan Transactions

Dechert’s London-based emerging markets team has advised on two important capital markets transactions involving Kazakhstan issuers, including what is believed to be the world’s first-ever successfully completed 144A intermediated exchange.

Dechert advised JSC Development Bank of Kazakhstan (DBK) in connection with the intermediated exchange offer for an aggregate principal amount of US$500,000,000 of its US$777,000,000 5.50% Notes due 2015, the update of DBK’s US$2,000,000,000 Medium Term Note Programme and the issuance of US$1,000,000,000 4.125% Notes due 2022 under the Programme.

JP Morgan Securities plc, VTB Capital plc and JSC Halyk Finance acted as joint lead managers, and VTB Capital was the offeror in the intermediated exchange offer.

Dechert also advised Barclays Bank PLC, HSBC Bank plc and J.P. Morgan Securities plc, as joint lead managers, in connection with the issuance of US$300,000,000 6.95% Notes due 2042 issued by Kazakhstan Temir Zholy Finance B.V. and guaranteed by JSC National Company Kazakhstan Temir Zholy, JSC Kaztemirtrans and JSC Lokomotiv, which are consolidated with and form a single series with the US$800,000,000 6.95% Notes due 2042 issued in July 2012.

Partner Louise Roman Bernstein led on both transactions, assisted by associates Patrick Lyons and Jennifer Buckett on the first matter and associate Giles Belsey on the second. Almaty Partner Kenneth Mack and associates Yevgeniya Nossova and Yelena Pestereva advised on Kazakhstan law matters.

Said Louise: “We are delighted to have advised on these two landmark transactions, which are further milestones in the development of Kazakhstan in the international capital markets. I am especially pleased to continue our strong track record of advising on debt capital markets and liability management transactions from Kazakhstan, which not only represents Dechert’s growing success in this key emerging market, but also confirms the firm’s commitment to our new Almaty practice set up earlier this year.”

www.dechert.com


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