Russia's AK BARS holders exchange $73.17 million 8¼% notes in offer

By Angela McDaniels

Tacoma, Wash., Dec. 1 - AK BARS Bank subsidiary AK BARS Luxembourg SA received and accepted tenders for $73,173,000 principal amount of its $250 million of 8¼% loan participation notes due 2010, according to a company news release.

An exchange offer for the notes began on Nov. 19 and ended on Nov. 26.

Holders will receive dollar-denominated 10¼% loan participation notes due 2012 in exchange for the 8¼% notes.

AK BARS Luxembourg also intends to issue additional 10¼% notes for cash. The total principal amount of notes issued will be $200 million.

The settlement date for the exchange offer will be Dec. 2, and the new notes issue will settle Dec. 9.

The dealer manager was Credit Suisse (+44 20 7883 6748, attn: liability management desk), and the exchange agent was Lucid Issuer Services Ltd. (+44 20 7704 0880).

AK BARS is a bank based in Kazan, the Republic of Tatarstan, in Russia.

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