The gold producer priced US$500 million of four-year notes at 6.70% and US$500 million of seven-year notes at 6.95%. Peak demand reached US$5.5 billion, approximately 5.5 times the issued amount.
Navoi Mining and Metallurgical Company priced its inaugural US$1 billion international notes offering on 11 October 2024. The transaction comprised US$500 million of four-year notes at 6.70% and US$500 million of seven-year notes at 6.95%.
The order book peaked at US$5.5 billion, approximately 5.5 times the issued amount and the largest book for an Uzbek issuer since the sovereign debut in 2019. The four- and seven-year tranches priced at premiums of 20 and 7.5 basis points, respectively, to the sovereign curve.
NMMC said the proceeds would support capital expenditure and debt refinancing. The transaction established a sizeable international corporate benchmark for Uzbekistan’s mining sector, extended the company’s funding profile and demonstrated access to institutional liquidity close to the sovereign curve; investors still need to assess commodity, operating and state-linkage risks at issuer level.
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