Dentons advises on NavoiyUran’s inaugural Eurobond issuance

London—The Dentons cross-border debt capital markets team has advised State Enterprise NavoiyUran (NavoiyUran) on its debut Rule 144A/Regulation S US$300 million 6.7% notes due 2030. The bonds are listed on the International Securities Market of the London Stock Exchange. The transaction was priced on 26 June 2025 and completed on 2 July 2025.

NavoiyUran is the world’s sixth largest uranium producer by production volume according to UxC and a member of the International Atomic Energy Agency (IAEA) and the World Nuclear Association. As a wholly state-owned entity that could trace its origins to the broader uranium exploration programme since 1945, NavoiyUran now operates 40 uranium deposits across Uzbekistan and supplies uranium oxide to international clients. NavoiyUran is rated BB- with stable outlook by both Standard & Poor’s and Fitch Ratings, recognising its robust operational profile and strategic importance to Uzbekistan’s industrial sector.

This transaction highlights Dentons’ leadership in debt capital markets in Central Asia. This was the fourth major international bond issuance, and third debut issuance, from the region on which we have advised in the past year, following advice to the lead managers on the Rule 144A/Regulation S issuance and concurrent tender offer by the Republic of Uzbekistan in June 2024 and advising on the debut Rule 144A/Regulation S issuance by Agrobank in October 2024 and the debut Rule 144A/Regulation S issuance by ForteBank in January 2025.

Hasan Haydarov, First Deputy General Director for Strategy and Transformation of NavoiyUran, commented “We deeply appreciate the tireless efforts of the Dentons team who worked diligently to navigate the complexities of this transaction. The results of their hard work will not only contribute to the prosperity of our company but will also have a positive impact on the economy of Uzbekistan as a whole.”

Dentons Tashkent-based partner and head of the mining practice Bobur Shamsiev highlighted, “Uzbekistan has embarked on an ambitious journey to transform its mining companies, focusing on modernization, sustainability, efficiency and the implementation of robust regulatory frameworks. This milestone transaction will catalyse further development in Uzbekistan’s mining industry by attracting investment, enhancing credibility, and promoting best practices in corporate governance and operational efficiency.”

Milan-based capital markets partner Tamer Amara commented “NavoiyUran is a valued client of Dentons, and I am very pleased that we were able to advise NavoiyUran on their first international debt capital markets offering and demonstrate the breadth and depth of our capital markets practice.”

Dentons acted as US securities, English and Uzbek law counsel to NavoiyUran. The Dentons team was led by Milan-based capital markets partner Tamer Amara, London-based capital markets and US securities partner Cameron Half and Tashkent-based partner Bobur Shamsiev.

The team included Amsterdam-based capital markets senior associate Ali Imanalin, London-based US securities associate Pichrotanak Bunthan and trainee Maria Polycarpou, Tashkent-based managing partner Eldor Mannopov, senior associate Sanjar Narzullaev, associates Salohiddin Parmonov and Fakhrullo Kimsanov. US tax advice was provided by San Francisco-based partner Linda Pfatteicher.