Quarterly report pursuant to Section 13 or 15(d)

DEBT SECURITIES ISSUED

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DEBT SECURITIES ISSUED
 9 Months Ended
Dec. 31, 2024
Debt Securities [Abstract]  
DEBT SECURITIES ISSUED DEBT SECURITIES ISSUED
As of December 31, 2024, and March 31, 2024, outstanding debt securities issued by the Group included the following:
Debt securities issued by:
Principal Amount as of December 31, 2024
Principal Amount as of March 31, 2024
 Interest rate Issue date Maturity date
Freedom SPC bonds due 2026 $ 201,535  $ — 
10.5%
 September, 2024 September, 2026
Freedom SPC bonds due 2028 200,325  200,386 
1-2 years: 12%
3-5 years: EFFR + 6.5%
 December, 2023 December, 2028
Freedom SPC bonds due 2026 64,738  64,546 
5.5%
 October, 2021 October, 2026
Accrued interest 2,237  2,319 
Total debt securities issued $ 468,835  $ 267,251 
As of December 31, 2024 the carrying value of the Group’s debt securities issued by Freedom SPC bonds due 2026 were $201,535 and $64,738 for September and October, respectively. The carrying value of Freedom SPC bonds due 2028 was $200,325. The Freedom SPC bonds are denominated in U.S. dollars and were issued under Astana International Financial Centre ("AIFC") law and trade on the AIX. The Company is a guarantor of the Freedom SPC bonds.
The Freedom SPC bonds due 2026 bear interest at an annual rate of 5.5% and mature in October 2026. Interest is paid semi-annually in April and October.
For the first two years of Freedom SPC bonds due 2028, the annual interest rate is 12% and for subsequent years the interest rate will be fixed and set as the sum of Effective Federal Funds Rate (EFFR) as of December 10, 2025 and a margin of 6.5%. Interest is paid on a monthly basis. The bondholders have a right of early redemption after two years following the issue date at nominal value plus accrued interest. After two years following the issue date, the issuer has the option to redeem the bonds in full or in part at nominal value plus accrued interest.
During the quarter ended December 31, 2024, the Company issued additional bonds with the aggregate principal amount of $200,000 with an annual interest rate of 10.5% and maturity date in September 2026. Interest is paid on a quarterly basis.
Debt securities issued are initially recognized at the fair value of the consideration received, less directly attributable transaction costs.
The Group has no financial covenants to comply with under the terms of its debt securities.