Three Freedom subsidiaries seek AIX approval for bond program worth up to $1 bln

Online supermarket Arbuz Group, ticketing service Ticketon Events, and travel booking service Aviata have asked the Astana International Exchange (AIX) to approve a joint framework bond program of up to $1 billion, according to a prospectus published on the exchange’s site. All three companies are owned by Freedom Holding Corp.

Freedom is serving as the program applicant, the issuers having granted it powers of attorney to list the securities, place the bonds, and fulfill post-listing obligations. The program will remain in effect until October 6, 2060. Each tranche will have its own terms specifying the amount, coupon, and maturity date. The issuers may redeem outstanding bonds and issue new ones, provided the total amount of the bonds outstanding does not exceed $1 billion.

The financing is intended to help the companies to manage liquidity by increasing their working capital. The bonds are intended for companies within the Freedom group and professional investors as defined by the Astana International Financial Center, while their advertising and public offering are restricted. Each issuer may place the securities at its discretion, including with affiliates. They may not be sold in the U.S. or to U.S. residents.