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BTA Bank ups consent fee, extends deadline for 5˝% notes due 2022
By Toni Weeks
San Luis Obispo, Calif., Nov. 6 – JSC BTA Bank announced that it is increasing the consent fee in its consent solicitation for proposed amendments to its $750 million of 5˝% notes due 2022, of which $747,815,993 is outstanding.
As previously noted, the amendments would change certain provisions of the trust deed to harmonize them with the conditions that apply to notes issued under JSC Kazkommertsbank’s $2 billion debt issuance program. The company is also looking to delete the change-of-control put option for the notes and to conform certain definitions.
BTA and Kazkommertsbank have agreed to increase the consent payment to $7.50 per $1,000 principal amount of notes if the changes are approved, up from the previously announced $2.50 per $1,000 principal amount. The companies said the consent fee will be paid to noteholders who (i) completed, delivered and did not revoke valid consents to both the proposed substitution and the proposed amendments on or before the solicitation deadline or (ii) have attended the meeting and cast votes approving both extraordinary resolutions.
The two companies have also extended the deadline for the consent solicitation to 10 a.m. ET on Nov. 7 from 10 a.m. ET on Nov. 6.
A quorum will be reached if two or more persons representing a majority of the notes participate, and the proposed amendments require consents from holders of at least 75% of the votes cast at the meeting, which will take place in London on Nov. 10.
The solicitation agent is J.P. Morgan Securities plc (44 20 7134 2468 or emea_lm@jpmorgan.com). D.F. King (Europe) is the tabulation and information agent (44 20 7920 9700 or bta@king-worldwide.com).
BTA Bank is based in Almaty, Kazakhstan.
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