Nostrum completes Kazakhstan sale and fully redeems its SSN notes

what happened

The company said the sale of its Kazakhstan operations to Altaris Holding Ltd was completed on 15 October 2026. The deal was first announced on 17 August 2026. Consideration at completion was $304.6 million, subject to post-completion adjustments. Of that amount, $10.0 million has been placed in escrow for at least six months to cover the seller's warranties and potential claims under the share purchase agreement.

At the same time, the group repaid its Senior Secured Notes due 2026 in full, including principal, accrued interest and default interest, so no SSNs remain outstanding. Next, the group will buy back $417,523,273 of principal of its Senior Unsecured Notes (SUNs), leaving $100.0 million outstanding. The remaining SUNs mature on 31 December 2028 and stop accruing interest from the completion date.

Chief Executive Viktor Gladun said the deal closes almost three decades of the company's presence in Kazakhstan. He said Nostrum has invested more than $2.5 billion in the country since 1997. After completion, the company will proceed with the managed wind-down of its remaining assets and liabilities.

why it matters

For markets, the key point is the reduced debt load and the shift toward settling creditor arrangements rather than the sale proceeds alone. The size of the SUN buyback depends on the group's cash position after deductions, and the company has said it will announce the amount, price and timing shortly, which makes that the next checkpoint for bondholders and investors in NOG shares.

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instruments