Freedom Holding signs up to $1.16 billion bond deal with Kokzhiyek Fund
On October 23, 2026, Freedom Holding and its subsidiary FRHC-IF.SPC Ltd. agreed to issue up to $1.16 billion of five-year U.S. dollar bonds to Kokzhiyek Fund LP, paying 7.8% annual interest. The proceeds can be used only for seven specified projects and are released in stages, and the bonds are guaranteed by the company, a subsidiary and CEO Timur Turlov, so the deal adds a large, secured debt obligation for shareholders to weigh. The filing also says that if a coupon goes unpaid for 90 days, the fund may require the company to issue common stock.
Key points
- Up to $1,160,000,000 in five-year U.S. dollar bonds at 7.8% per annum, payable semi-annually, to be listed on the Astana International Exchange
- Proceeds are released project by project through an escrow account, with the availability period ending December 30, 2028
- Bonds are guaranteed by Freedom Holding, Freedom Kazakhstan Ltd. and Mr. Timur Turlov, and secured by pledges including 100% of the equity of each Project Company
- If a coupon is unpaid for 90 days, the fund may require share issuance priced at 85% of the 180-day volume-weighted average price; financial covenants begin with the fiscal year ending March 31, 2027
The filing
Written by AI on Nov 9, 2026, 8:29 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 29, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.