/KASE, March 25, 2025/ – Development Bank of Kazakhstan JSC (Astana), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated March 25, 2025:

quote

DEVELOPMENT BANK OF KAZAKHSTAN JSC ANNOUNCES TENDER OFFER FOR ALL OF ITS OUTSTANDING BONDS AT 5.75 % ANNUALLY DUE 2025 WITH PAYMENT OF CONSIDERATION FOR THE PURCHASED BONDS IN US DOLLARS

March 25, 2025 – Development Bank of Kazakhstan JSC (the "Offeror"), a joint stock company incorporated in the Republic of Kazakhstan, announces the commencement of an offer to purchase all of its 5.75 % notes due 2025 (the "Notes") issued by the Offeror (the "Tender Offer") to each Holder (as defined in the Offer to Purchase) on the terms and conditions set out in the offer to purchase dated March 25, 2025 (the "Offer to Purchase"), for consideration in cash. Capitalized terms used but not defined herein have the meanings set forth in the Offer to Purchase.

The Offeror makes a Tender Offer in conjunction with an offer of new Eurobonds denominated in US dollars ("New Notes Denominated in US Dollars") to be issued under the Offeror's medium-term bond program ("Offer of New Notes Denominated in US Dollars"). In connection with the placement of New Notes in US Dollars to investors, the Offeror will, among other factors, consider whether the relevant Holder wishing to purchase New Notes in US Dollars has submitted an application (which was duly executed and submitted prior to the placement of New Notes in US dollars between investors) to buy back the Notes from him or whether the Holder has informed the Offeror or the Dealer manager of his firm intention to submit such an application in accordance with the Tender Offer. If such an application has been submitted, the Offeror will consider the total nominal amount of the Notes offered for repurchase by such Holder (or which the Holder intends to offer for repurchase). When considering the issue of placing New Notes in US dollars between investors, the Offeror may give preference to those Holders who, prior to such placement, submitted an application or declared their firm intention to apply for the purchase of Notes from them.

Tender Offer

The Notes Tender Offer will expire at 5:00 p.m. New York City time on April 22, 2025, unless extended or terminated earlier (the "Notes Tender Offer Period"). Holders who have tendered Notes may withdraw their Notes at any time, but no later than 5:00 p.m. New York City time on April 7, 2025 (these time and date may be extended, the "Deadline for withdrawal of application for redemption of Notes").

To receive the Aggregate Note Consideration (as defined below), which includes an early bird premium of 30 U.S. Dollars for each 1,000 U.S. Dollars principal amount of Notes accepted for purchase pursuant to the Tender Offer (the "Note Early Bird Premium"), Holders must submit a valid bid, and must not withdraw their bids, for Notes by 5:00 p.m. New York City time on April 7, 2025, unless such deadline is extended (subject to any extensions, to be determined by the "Note Early Bird Deadline"). Holders who tender their Notes in due course after the expiration of the Note Early Bird Period but on or before the expiration of the Notes Tender Period they will be entitled to receive only the Notes Tender Fee (as defined herein), which is an amount equal to the Aggregate Notes Consideration less the Early Bird Premium.

unquote

Full version of the press release in Kazakh – see more

Full version of the press release in Russian – see more

[2025-03-25]