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Hogan Lovells Advises Samruk-Energy on its Debut 3.75% US$500m Eurobond Issue

21 December 2012

MOSCOW, 21 December 2012 - Hogan Lovells has advised Kazakhstan's state-owned holding company Samruk-Energy on its debut 3.75% US$500m 5-year Reg S Eurobond issue.

The coupon of 3.75% is believed to be the lowest ever coupon for a Kazakh issuer in a primary market deal in the international capital markets.  This very low coupon is particularly impressive when compared to issues by other corporates in Russia and the region, and the issue size was much greater than planned for, reflecting the warm reception of the matter to the Issuer.

The Eurobond is listed on the Irish Stock Exchange and Kazakhstan Stock Exchange and was issued under Samruk Energy's US$680m MTN programme. Royal Bank of Scotland and Sberbank CIB acted as Arrangers and Dealers and Troika Dialog Kazakhstan acted as Kazakhstan Arranger and Dealer.

The Hogan Lovells team acting for Samruk-Energy was led by the head of Moscow IDCM practice, Michael Pugh, supported by associates of the capital markets practice Arthur Sanikidze and Andrew Robinson, trainee solicitors Alexandra Dolinskaya and Nina Bayminova. The team from ORIS, which provided Kazakhstan law advice to Samruk-Energy, was led by Managing partner Amir Tussupkhanov and partner Aituar Madin.

Commenting on the transaction Michael Pugh said:

"We are delighted to have advised Samruk-Energy on such a successful debut Eurobond issue. We look forward to advising Samruk-Energy on future issues."

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