May 2026 – Kinstellar has recently advised the Managers in connection with a liability management transaction and separately in respect of the issuance of new Eurobonds by JSC “National Company “QazaqGaz” (“QazaqGaz”).
Kinstellar’s Kazakhstan team advised Citigroup Global Markets and J.P. Morgan Securities, acting as the Managers on a tender offer and consent solicitation relating to QazaqGaz’s outstanding USD 750 million 4.375% notes due 2027, guaranteed by JSC Intergas Central Asia. Under the transaction, noteholders were invited to tender notes for cash consideration and approve amendments to the terms and conditions of the notes and the related trust deed.
In parallel, Kinstellar also advised Citigroup Global Markets, J.P. Morgan Securities, Oman Investment Bank and MUFG Securities EMEA, as the Managers on QazaqGaz’s issuance of USD 700 million 5.625% notes due 2036, also guaranteed by JSC Intergas Central Asia. The new notes have been listed on the Astana International Exchange (AIX).
The transactions were successfully completed as part of QazaqGaz’s broader liability management and refinancing strategy, enabling the company to optimise its capital structure and extend its debt maturity profile. The issuance attracted strong demand from international investors and marks another important milestone in QazaqGaz’s continued access to international capital markets.
The Kinstellar team was led by Partner Pavel Kornilov, supported by Senior Associate Farkhad Rakhimov, Associates Kamila Serik and Nurbek Zhangaliyev, and Junior Associate Alan Ibrashev.