Quarterly report [Sections 13 or 15(d)]

DEBT SECURITIES ISSUED

v3.25.2
DEBT SECURITIES ISSUED
 3 Months Ended
Jun. 30, 2025
Debt Securities [Abstract]  
DEBT SECURITIES ISSUED DEBT SECURITIES ISSUED
As of June 30, 2025, and March 31, 2025, outstanding debt securities issued by the Group included the following:
Debt securities issued by:
Principal Amount as of June 30, 2025
Principal Amount as of March 31, 2025
 Interest rate Issue date Maturity date
Denominated Currency
Freedom SPC bonds due 2026 $ 201,087  $ 201,311 
10.5%
 September, 2024 September, 2026
USD
Freedom SPC bonds due 2028 200,284  200,305 
1-2 years: 12%
3-5 years: EFFR + 6.5%
 December, 2023 December, 2028
USD
Freedom SPC bonds due 2027 160,775  — 
10.0%
 May, 2025 May, 2027
USD
Freedom SPC bonds due 2026 64,865  64,801 
5.5%
 October, 2021 October, 2026
USD
Freedom SPC bonds due 2027 38,048  — 
8.0%
 May, 2025 May, 2027
EUR
Freedom SPC bonds due 2027 1,017  — 
9.0%
 May, 2025 May, 2027
CNY
Accrued interest 4,049  3,134 
Total debt securities issued $ 670,125  $ 469,551 
The Freedom SPC bonds are denominated in U.S. dollars, euros, Chinese yuans and were issued under Astana International Financial Centre ("AIFC") law and trade on the AIX. The Group is a guarantor of the Freedom SPC bonds.
The Freedom SPC bonds due 2026 bear interest at an annual rate of 5.5% and 10.5%. The maturity dates for those bonds are in October and September 2026. Interest payments are due to be paid semi-annually in April and October, and on a quarterly basis.
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 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 three months ended June 30, 2025, the Group issued additional bonds with the aggregate amount of $199,204 with an annual interest rate of 8%, 9% and 10% and maturity date in May 2027. 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.