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Russia's AK Bars to offer 10¼% notes for cash alongside exchange
New York, Nov. 19 - AK Bars Bank plans to offer new 10¼% loan participation notes to investors for cash alongside an exchange offer for its existing 8¼% loan participation notes.
The fund raising is subject to market conditions.
The new notes will mature in 2012 and be sold via subsidiary AK Bars Luxembourg SA. They will have the same terms as the loan participation notes to be offered in exchange for the bank's existing $250 million of 8¼% loan participation notes due 2010, according to a company news release.
The exchange offer will settle on Dec. 9.
Credit Suisse is dealer manager for the exchange.
AK Bars is a bank based in Kazan, Republic of Tatarstan, in Russia.
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