Uzbekneftegaz may extend the maturity period of its Eurobonds
The company is considering extending the maturity of its 2028 Eurobond issue and plans to refinance $1 billion in loans for the Uzbekistan GTL project.
Uzbekneftegaz may extend maturity of Eurobonds
Uzbekneftegaz is considering extending the maturity of its first Eurobond issue, which falls in 2028. The company is studying ways to fulfill its obligations either using its own funds or through debt extension. This was announced by Sukhrob Khamraev, First Deputy Chairman of the Board of Uzbekneftegaz.
He noted that the maturity date for the second Eurobond issue is 2030. For the first issue, the company intends to prepare a decision in advance and initiate negotiations to achieve an extension on terms no worse than the current ones.
Khamraev emphasized that this is not about raising new financing. The company plans to maintain the amount of obligations, changing only their maturity date.
"This is not about a new loan — no additional funds beyond these Eurobonds will be raised. It is a matter of extending the same amount for a different period," he explained.
The First Deputy Chairman of the Board also reported that Uzbekneftegaz has refinanced almost all high-interest loans. The only exception remains the $1 billion loans raised to finance the Uzbekistan GTL plant project.
The company intends to refinance these loans late this year or early next quarter. According to Khamraev, this will allow for the removal of the state guarantee provided for these loans. Banks no longer require it, which the company representative attributed to growing investor confidence in Uzbekneftegaz's financial capabilities.
On September 29, the company held talks with J.P. Morgan to discuss opportunities for entering international capital markets and the prospects for bond issuance. At the same time, the press service of Uzbekneftegaz informed the publication Spot that at that moment there were no plans to place new Eurobonds.
In May 2025, Uzbekneftegaz placed $850 million in Eurobonds with a yield of 8.75% per annum. In November 2021, the company issued $700 million in bonds with a yield of 4.75% per annum.