On 12 July 2024, Joint-Stock Commercial Bank Uzbek Industrial and Construction Bank (SQB) launched a tender offer to the holders of its outstanding $300mn, 5.75% notes due 2 December 2024 .
The offer expired at 4:00 p.m. (London time) on July 22. As of this deadline, the Offeror received valid tenders totaling $221.8mn in principal amount of the notes.
On July 22, the SQB also completed the signing for the issuance of $400mn 8.950% notes due 2029. This new issuance is expected to meet the new financing condition before the settlement date of 25 July 2024.
SQB announced it would accept (subject to the satisfaction or waiver of the new financing condition by the settlement date) all $221.8mn in principal amount of notes validly tendered for purchase. The notes purchased through the offer will be canceled, leaving $78.2mn in principal amount of notes outstanding.
This announcement was made by Mr. Aziz Akbarjonov, Chairman of the Management Board of SQB.
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