AKFA Aluminium has put forward for shareholders' approval a proposal to issue $300 million worth of international bonds with a five-year maturity.
The issue is included in the agenda of the company’s extraordinary general meeting of shareholders, which will be held on October 2. According to information published on the Unified Corporate Information Portal, the company plans to issue Eurobonds to be listed on the London Stock Exchange (LSE). It also plans to engage leading banks as arrangers.
In July, Bloomberg reported that AKFA Aluminium was considering its first-ever bond placement on international capital markets. The company held a two-day roadshow in London for international investors, organized by Citigroup and JPMorgan.
At the time, no decision had been made on the placement, and an offering was not expected in the near term.
AKFA Aluminium
AKFA is one of Uzbekistan’s largest private manufacturers. The company produces aluminum and PVC profiles, components for window and door systems, aluminum composite panels and engineering solutions for the construction industry.
According to Kap Depo, on July 28, international rating agency S&P Global revised its outlook for AKFA Aluminium from “stable” to “positive”, while affirming the company’s long-term credit rating at “B+”.
The agency noted in its report that potential liabilities related to a guarantee provided by AKFA Aluminium for a related party had declined significantly, positively affecting the company’s credit metrics.
S&P expects these guarantees to be fully canceled by the end of the year and does not expect AKFA Aluminium to provide any new significant guarantees.
According to the agency, the company is expected to maintain strong EBITDA and free cash flow over the next two years amid continued growth in Uzbekistan’s construction market and improved operational efficiency.
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