August 2026 – Kinstellar has advised National Company "KazMunayGas" (“KMG”) on its cash tender offer for up to USD 500 million of its outstanding USD 1.25 billion 5.375% Notes due 2030.
The tender offer forms part of KMG's ongoing liability management strategy and enables the company to optimise its debt profile through the repurchase and cancellation of a portion of its outstanding notes. The offer was funded using KMG's existing cash resources and was launched on 19 August 2026. The notes subject to the offer are listed under Rule 144A / Regulation S. Under the terms of the transaction, holders were invited to tender their notes for cash consideration, subject to a maximum tender amount of USD 500 million.
Kinstellar advised KMG on Kazakhstan law aspects of the transaction.
The team was led by Partner Pavel Kornilov, with the support of Associate Kamila Serik and Junior Associate Alan Ibrashev.