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Published on 3/7/2012 in the Prospect News Emerging Markets Daily, Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Kazakhstan's Kazatomprom obtains needed consents for 6.25% notes

By Jennifer Chiou

New York, March 7 - JSC National Atomic Co. Kazatomprom announced the successful close to its solicitation of consents for its $500 million of 6.25% notes due 2015.

As previously reported, the company was seeking to waive terms in the notes that prevent it from disposing of any assets for which it receives $10 million or more unless it receives at least fair market value as far as that provision applies to a possible transfer of the Art Palace for Schoolchildren in Astana City.

Holders who delivered consents by the early deadline will receive $2.50 per $1,000 principal amount of notes. Holders who consented after the early deadline but before the expiration will receive $1.00 per $1,000 principal amount. Settlement is set for March 9.

The early solicitation deadline was 10 a.m. ET on Feb. 24, and the expiration was 10 a.m. ET on March 5. A meeting to consider the change was held on March 7.

In order to make the change, Kazatomprom needed the support of at least 75% of the votes cast at the meeting and those had to come from two or more holders representing more than 50% of the outstanding notes.

The solicitation agents were J.P. Morgan Securities Ltd. (+44 20 7779 2468 or +44 20 7325 4851, corp_syndicate@jpmorgan.com or emea_lm@jpmorgan.com) and Royal Bank of Scotland plc (+44 20 7075 3781 or +44 20 7085 4634, liabilitymanagement@rbs.com). The tabulation agent was Bank of New York Mellon, London Branch (+44 20 7964 4958, debtrestructuring@bnymellon.com).

Kazatomprom is an Astana, Kazakhstan-based importer and exporter of uranium, rare metals and nuclear fuel for power plants. It launched the solicitation on Feb. 13.


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