UzAuto Motors mulls $300mn eurobond issue

UzAuto Motors mulls $300mn eurobond issue
The auto plant in Asaka, eastern Uzbekistan, prior to its transition from GM Uzbekistan to UzAuto Motors.
By Alisher Kalandarov in Tashkent October 30, 2020

UzAuto Motors is considering a $300mn eurobond issue, according to data published on Uzbekistan’s Unified Portal of Corporate Information on October 30.

“We are pleased to inform that UzAuto Motors is currently considering expanding its funding options through the issuance of eurobonds in 2021,” the company said in a statement. 

If issued, the bonds would be USD-denominated with a maturity of 5-7 years, it added.

Legal counsel hired for the envisaged issuance would be responsible for liaising with the London Stock Exchange (LSE) from December, according to the provided information.

State-controlled UzAuto Motors, formerly the GM Uzbekistan joint venture and before that Uz-DaewooAuto, is the largest car manufacturer in Uzbekistan. It produces passenger vehicles under the “Chevrolet” brand in alliance with General Motors.

The company, which features in the Mirziyoyev administration's privatisation plans, has an annual production output of 300,000 vehicles and an yearly turnover of more than $4bn-equivalent.

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