The transaction represents a series of important milestones:

• 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.
• The first corporate issuance from Uzbekistan in global debt markets since November 2021.
• One of the largest corporate deals from the CIS region since July 2020, and the largest corporate issuance ever from Uzbekistan, second only to the sovereign issue.
• The first global debt market issuance by a gold mining company since June 2023 and the first from a non-investment grade gold mining company since October 2021.
• The tightest premium to sovereign achieved by a quasi-sovereign from Uzbekistan, with a 20bps and 7.5bps premium on the 4-year and 7-year tranches, respectively.

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 conducted from October 4 to 6, which involved more than 150 investors globally. The roadshow featured a combination of one-on-one meetings and group calls, along with in-person engagements in London, contributing to the strong demand for the Notes.

Eugene Antonov, NMMC’s First Deputy CEO and Chief Transformation Officer, highlighted the significance of the transaction, stating: “This Notes issue is a unique transaction, in terms of both the volume and the coupon rate achieved during the pricing process. Strong investor demand reaffirms NMMC’s position as a leader in the mining industry and is the culmination of several years of transformative changes at the company. NMMC is implementing ambitious strategic goals, focusing on production improvements, new exploration, and digitalization across operations.”

NMMC Deputy CEO for Economics and Finance, Jakhongir Khasanov, echoed this sentiment, stating: “Our debut Notes offering marks the beginning of a long-term relationship with the global investor community. This milestone is not only significant for NMMC but also for Uzbekistan, where the company is central to the economy. The strong investor interest highlights NMMC’s financial stability and resilience.”

The proceeds from the Notes will be used for general corporate purposes, including financing capital expenditures, repaying existing debt, and supporting working capital needs. This offering also positions NMMC to refinance existing debt under more favorable terms, while setting a benchmark for future debt placements.