Kazkommertsbank holders tender $33.66 million notes, €950,000 notes

By Angela McDaniels

Tacoma, Wash., May 31 – JSC Kazkommertsbank received tenders for $33,663,000 and €950,000 principal amount of notes in its Dutch auction tender offers and accepted all of the tendered notes for purchase.

The tender offers began May 18 and ended at 11 a.m. ET on May 27. The settlement date will be June 2.

According to a filing with the London Stock Exchange, the bank accepted

• $28,905,000 principal amount of the $200 million outstanding 8 5/8% subordinated loan participation notes due July 27, 2016 originally issued by Kazkommerts Finance 2 BV, which have a current interest rate of 6.765%, which will leave $171,095,000 principal amount of the notes outstanding following the completion of the tender offers;

• $4,758,000 principal amount of the $355,629,000 outstanding 7½% fixed-rate notes due Nov. 29, 2016 originally issued by Kazkommertsbank International BV, which will leave $350,871,000 of notes outstanding; and

• €950,000 principal amount of the €392.84 million outstanding 6 7/8% senior notes due Feb. 13, 2017 originally issued by Kazkommertsbank International, which will leave €391.89 million of notes outstanding.

The purchase price is par for the 6.765% notes, 99% of par for the 7½% notes and 98% of par for the 6 7/8% notes.

Pricing was set under a modified Dutch auction. The maximum purchase price was par, and the minimum denomination was $150,000 for the 6.765% notes, $100,000 for the 7½% notes and €50,000 for the 6 7/8% notes.

J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com) was the dealer manager. D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230 or kkb@dfkingltd.com) was the information and tender agent.

Kazkommertsbank is an Almaty, Kazakhstan-based bank.

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