Norton Rose Fulbright advises Baiterek National Managing Holding on establishment of US$3 billion Medium Term Note Programme

Global law firm Norton Rose Fulbright has advised Baiterek National Managing Holding JSC (Baiterek) on the establishment of a US$3 billion Medium Term Note Programme and the debut issuance of Regulation S/Rule 144A Notes thereunder.

Baiterek is a state-owned holding company established by the Government of Kazakhstan to support the country’s economic development.

The Notes issued under the Programme will be listed on the London Stock Exchange, the Vienna MTF and the Kazakhstan Stock Exchange (KASE).

A pool of banks acted as the arrangers of the Programme and managers of the Notes issuance. 

The Series 1 Notes under the Programme were issued in an amount of US$500 million with a three-year tenor, a coupon of 5.450 per cent and a rating of Baa1 (Moody’s) and BBB (Fitch).

The Norton Rose Fulbright team advising Baiterek on English and US law was led by Paris-based partner Jeremy Grant and London-based partner Nikolai Mikhailov with assistance from Paris-based associates Sonya Hrytsyuk and Elise Najjar. Further assistance was provided by Paris-based associate Alexandre Paturel. US tax advice was provided by New York-based counsel Kevin Procup.