Kazakhstan's Kazkommerts redeems $850.4 million notes under program

By Jennifer Chiou

New York, June 12 - Kazkommerts DPR Co. announced the redemption of all of the $850.4 million of outstanding notes it issued under a securitization program.

The redemption is a result of Kazkommertsbank announcing the final repayment and termination of its diversified payment rights securitization program.

The Almaty, Kazakhstan-based bank had requested that the program's controlling parties - Ambac Assurance Corp., MBIA Insurance Corp., Financial Guaranty Insurance Co., the Asian Development Bank and WestLB -terminate the program, which was initiated in 2005.

On March 16, the company repaid $99.6 million of the notes.

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