Kaspi.kz (KSPI) issues USD denominated Eurobond

Joint Stock Company Kaspi.kz (NASDAQ: KSPI), priced an offering of U.S.$650,000,000 aggregate principal amount of 6.250% Notes due 2030 (the “Notes”) on March 18, 2025, and the settlement of the offering is expected to occur on March 26, 2025, subject to the satisfaction of customary closing conditions.

The Notes will be senior unsecured obligations of Kaspi. The Notes will only be offered for sale in the United States of America to “qualified institutional buyers” (“QIBs”) as defined in Rule 144A under the U.S. Securities Act of 1933 (the “Securities Act”) in transactions that are exempt from registration under the Securities Act, and outside the United States of America in reliance on Regulation S under the Securities Act.

Interest on the Notes will be paid in cash semi-annually in arrear at a rate of 6.250% per annum from and including September 26, 2025. Kaspi intends to use the net proceeds from the Notes for general corporate purposes.

The transaction marks the largest ever investment grade bond issuance by a non-sovereign from Kazakhstan.

Mikhail Lomtadze, CEO & co-founder of Kaspi.kz, commented:

“Our debut Eurobond is another important milestone for Kaspi.kz. Over the last week we showcased our unique Super App business model to many of the world’s leading debt capital market investors. The ultimate success of the transaction is testament to the strength of our proven and diverse business, built over many years and our strong investment grade rating. As usual we will keep working hard to develop innovative digital services that make everyday life better for our customers in Kazakhstan and Türkiye.”

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