Navoi Mining & Metallurgical Company (NMMC) has successfully completed a $500 million corporate bond placement in London, marking a significant step in its financial strategy as it prepares for a stock listing.
The Uzbekistan state-owned enterprise, ranked as the fourth-largest gold producer globally, operates its vast resources primarily from the Muruntau deposit in the Kyzylkum Desert, which holds an estimated 150 million ounces of gold.
The newly issued bonds, backed by favourable capital market conditions, carry a five-year tenor with an annual coupon rate of 6.75%. The offering was made available under Regulation S and Rule 144A of the US Securities Act, ensuring broader investor participation.
Leading financial institutions, including Citi, JP Morgan, Société Générale, and MUFG, acted as joint bookrunners and lead managers for the transaction. Demand for the notes was robust, peaking at over $2.3 billion, making the issue more than 4.6 times oversubscribed.
“The success of this bond placement reflects strong investor confidence in Uzbekistan’s economic reforms and NMMC’s sustainable growth prospects,” the company said in a statement.
The proceeds will be directed towards optimising and diversifying NMMC’s credit portfolio under improved terms, as it moves towards its planned initial public offering (IPO) later this year. The Uzbek government has proposed selling up to 5% of the company in the IPO, positioning NMMC for further expansion in international markets.
