UZBEK INDUSTRIAL and CONSTRUCTION BANK” (Incorporated in the Republic of Uzbekistan) U.S.$300,000,000 5.75% Notes Due 2024 ______Issue Price 98.934% ______
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JOINT-STOCK COMMERCIAL BANK “UZBEK INDUSTRIAL AND CONSTRUCTION BANK” (incorporated in the Republic of Uzbekistan) U.S.$300,000,000 5.75% Notes due 2024 __________________________________________________________________________________ Issue Price 98.934% __________________________________________________________________________________ Joint-Stock Commercial Bank “Uzbek Industrial and Construction Bank” (the “Issuer”), a bank incorporated under the laws of the Republic of Uzbekistan, is issuing an aggregate principal amount of the U.S.$300,000,000 5.75% Notes due 2024 (the “Notes”). The Notes will be constituted by, subject to, and have the benefit of a trust deed to be dated 2 December 2019 (as may be amended or supplemented from time to time, the “Trust Deed”) between the Issuer and Citibank, N.A., London Branch as trustee (the “Trustee”) for the benefit of Noteholders (as defined in the “Terms and Conditions of the Notes”). Interest on the Notes will accrue from 2 December 2019 (the “Closing Date”) and will be payable semi-annually in arrear on 2 June and 2 December of each year (each an “Interest Payment Date”), commencing on 2 June 2020 (the “Interest Commencement Date”). The Notes mature on 2 December 2024 the (“Maturity Date”) but may be redeemed before then at the option of the Issuer in whole but not in part, at any time, but on one occasion only, on giving not less than 30 nor more than 60 days’ irrevocable notice, at a price equal to the principal amount thereof, plus the Make Whole Premium (as defined in the “Terms and Conditions of the Notes – Redemption and Purchase – Redemption at Make Whole”). The Issuer may also redeem the Notes in whole, but not in part, at their principal amount together with any accrued and unpaid interest, if the Issuer has or will become obliged to pay certain additional amounts as further described under “Terms and Conditions of the Notes—Redemption and Purchase— Redemption for tax reasons”. If a Change of Control (as defined in the “Terms and Conditions of the Notes—Redemption and Purchase—Redemption at the option of Noteholders upon a Change of Control”) occurs, the Issuer shall, at the option of a holder of any Note, redeem or purchase such Note on the Change of Control Put Date (as defined in the “Terms and Conditions of the Notes—Redemption and Purchase—Redemption at the option of Noteholders upon a Change of Control”) at 100% of its principal amount together with (or, where purchased, together with an amount equal to) interest accrued to (but excluding) the Change of Control Put Date. See “Terms and Conditions of the Notes—Redemption and Purchase—Redemption at the option of Noteholders upon a Change of Control”. Application has been made to the Financial Conduct Authority under Part VI of the Financial Services and Markets Act 2000 (the “Financial Conduct Authority”) for the Notes to be admitted to the official list of the Financial Conduct Authority (the “Official List”) and to the London Stock Exchange plc (the “London Stock Exchange”) for such Notes to be admitted to trading on the London Stock Exchange’s Regulated Market (the “Market”). References in this Prospectus to Notes being “listed” (and all related references) shall mean that such Notes have been admitted to the Official List and have been admitted to trading on the Market. The Market is a regulated market for the purposes of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (“MiFID II”). Investing in the Notes involves risks. See “Risk Factors” starting on page 7 for a discussion of certain factors that should be considered in connection with an investment in the Notes. The Notes are rated BB- by Standard & Poor’s Credit Market Services Europe Limited (“S&P”) and BB- by Fitch Rating Services (“Fitch”). A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Fitch and S&P are established in the European Union and are registered under the Regulation (EC) No. 1060/2009, as amended (the “CRA Regulation”). This list is available on the ESMA website (http://www.esma.europa.eu/page/list-registered-and-certified-CRAs) (last updated 1 October 2019). The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and, subject to certain exceptions, may not be offered or sold within the United States. The Notes will be offered and sold in registered form and without interest coupons attached in denominations of U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof. Notes will be represented by beneficial interests in an unrestricted global Note (the “Global Note”), in registered form and without interest coupons attached. The Global Note which will be registered in the name of a nominee for and will be deposited with a common depositary for Euroclear Bank SA/NA (“Euroclear”) and Clearstream Banking, S.A. (“Clearstream, Luxembourg”) on or about the Closing Date. The Global Note will be exchangeable in certain limited circumstances in whole, but not in part, for Notes in definitive, fully registered, form, without interest coupons. See “Summary of the Provisions relating to the Notes when in Global Form”. Beneficial interests in the Global Note will be shown on, and transfers thereof will be effected only through, records maintained by Euroclear and Clearstream, Luxembourg and their participants. It is expected that delivery of the Global Note will be made on or about the Closing Date. Except as described herein, definitive certificates for Notes will not be issued in exchange for beneficial interests in the Global Note. Joint Global Coordinators and Joint Bookrunners Citigroup J.P. Morgan Joint Bookrunners Commerzbank Raiffeisen Bank International Prospectus dated 28 November 2019 IMPORTANT INFORMATION ABOUT THIS PROSPECTUS This prospectus (the “Prospectus”) comprises a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council dated 14 June 2017 (the “Prospectus Regulation”) and for the purpose of giving information with regard to the Issuer and its consolidated subsidiaries taken as a whole (the “Group”), the Notes, which, according to the particular nature of the Issuer, the Group and the Notes, is necessary to enable investors to make an informed assessment of the assets and liabilities, financial position, profits and losses and prospects of the Issuer and the Group, the rights attaching to the Notes and of the reasons for the issuance and its impact on the Issuer and the Group. The Issuer accepts responsibility for the information contained in this Prospectus. To the best of the knowledge of the Issuer, the information contained in this Prospectus is in accordance with the facts and this Prospectus makes no omission likely to affect its import. THE NOTES ARE OF A SPECIALIST NATURE AND SHOULD ONLY BE BOUGHT AND TRADED BY INVESTORS WHO ARE PARTICULARLY KNOWLEDGEABLE IN INVESTMENT MATTERS. AN INVESTMENT IN THE NOTES IS SPECULATIVE, INVOLVES A HIGH DEGREE OF RISK AND MAY RESULT IN THE LOSS OF ALL OR PART OF THE INVESTMENT. No person is authorised to give any information or to make any representation in connection with the offer or sale of the Notes other than as contained in this Prospectus and any information or representation not so contained must not be relied upon as having been authorised by the Issuer, the Trustee or any Joint Bookrunner (as defined in “Subscription and Sale”). Neither the delivery of this Prospectus nor any sale made in connection herewith shall, under any circumstances, create any implication that there has been no change in the business and affairs of the Issuer or the Group since the date hereof or that there has been no adverse change in the financial position of the Issuer or the Group since the date hereof or that the information contained in it is correct as at any time subsequent to the date on which it is supplied. No representation or warranty, express or implied, is made by any Joint Bookrunner or the Trustee as to the accuracy or completeness of such information. None of the Joint Bookrunners or the Trustee accepts any responsibility whatsoever for the contents of this Prospectus or for any other statement made or purported to be made by it, or on its behalf, in connection with the Issuer or the Notes. Each of the Joint Bookrunners and the Trustee accordingly disclaims all and any liability whether arising in tort, contract or otherwise which it might otherwise have in respect of this Prospectus or any such statement. This Prospectus does not constitute an offer to sell, or a solicitation to subscribe for or purchase, by or on behalf of the Issuer, any Joint Bookrunner or any other person, any of the Notes in any jurisdiction where it is unlawful for such person to make such offer or solicitation. The distribution of this Prospectus and the offer and sale of the Notes in certain jurisdictions is restricted by law. Persons into whose possession this Prospectus may come are required by the Issuer and the Joint Bookrunners to inform themselves about and to observe such restrictions. This Prospectus may not be used for, or in connection with, any offer to, or solicitation by, anyone in any jurisdiction or under any circumstances in which such offer or solicitation is not authorised or is unlawful. Further information with regard to restrictions on offers and sales of the Notes and the distribution of this Prospectus is set out under “Subscription and Sale”. No action has been or will be taken to permit a public offering of the Notes or the distribution of this Prospectus (in any form) in any jurisdiction where action is required for such purposes.