Kazakhstan's Eastcomtrans announces first issue of $100 mln notes
ALMATY. April 23 (Interfax) - Kazakh railway operator Eastcomtrans has floated $100 million in notes, the company told Interfax.
The notes will mature in five years, and the coupon rate is set at 7.75% per annum. The notes were placed on the London and Kazakhstan stock exchanges.
BNP Paribas, HSBC and Kazkommerts Securities (a subsidiary of Kazkommertsbank) are arranging the issue.
The company will use the proceeds to refinance its debts and purchase new railcars.
Eastcomtrans is the largest private company specializing in operating leasing of freight railcars in Kazakhstan. Eastcomtrans, founded in 2002, is wholly owned by Marat Sarsenov (directly and through Steinhardt Holding B.V.).
Last December, International Finance Corporation (IFC) provided $50 million to Eastcomtrans to expand its railcar fleet, increase freight forwarding and logistics services and develop Kazakhstan's commercial and industrial infrastructure. The funding includes $20 million invested in equity and $30 million provided in the form of financing.