JSC NC “KazMunayGas” (KMG), as part of its initiative to refinance its short-term Eurobonds into long-term instruments, is reporting that on 2 July 2018 it fully redeemed Eurobonds in the amount of 1.6 billion US dollars in due time (date of issue is 2 July 2008, circulation period is 10 years).
The Eurobonds fall within one of the largest KMG debt securities issues. Funds from the issue were used to finance the shares acquisition and capital expenditures in The North Caspian Project (Kashagan).
Redemption of Eurobonds allowed KMG to reduce the total debt amount. At the same time, the net debt amount (total debt net of cash) has not changed.
Furthermore, in May 2018, KMG refinanced Eurobonds in the amount of 3.25 billion US dollars.