Navoi Mining & Metallurgical Company (NMMC), a state-owned enterprise in Uzbekistan and the fourth-largest gold producer globally, has successfully issued a $500 million corporate bond in London, announced on Friday. The bonds, with a five-year tenor and a 6.75% annual coupon rate, were oversubscribed more than 4.6 times, reaching an order book peak of over $2.3 billion.
The bond issuance aims to optimize and diversify NMMC’s credit portfolio at more favorable terms and is seen as a step towards its planned initial public offering (IPO), where the Uzbek government intends to sell up to 5% of the company later this year. The offering was facilitated by Citi, JP Morgan, Société Générale, and MUFG.
