ALMATY, July 4 (Reuters) - Kazakh state railway monopoly Kazakhstan Temir Zholy has successfully issued a 30-year, $800-million eurobond on the London and Kazakhstan stock exchanges, the company said on Wednesday.
The heavily oversubscribed issue bearing an annual coupon of 6.95 percent was launched on July 2 following a roadshow for U.S. and European investors, the company said in a statement.
More than 250 investors submitted bids worth a total of $5.2 billion, it said.
“This issue by Kazakhstan Temir Zholy has the lowest yield among corporate issuers of 30-year securities in the Commonwealth of Independent States,” Temir Zholy said.
“This financing was drawn to implement the investment programme of Kazakhstan Temir Zholy.”
A company official told Reuters the cash from the issue would be used to renew existing rolling-stock and build new railways. (Reporting by Dmitry Solovyov; Editing by Mark Potter)