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Russia's AK Bars offers to exchange 8¼% loan participation notes
By Angela McDaniels
Tacoma, Wash., Nov. 19 - AK Bars Bank subsidiary AK Bars Luxembourg SA has begun an exchange offer for its $250 million of 8¼% loan participation notes due 2010, according to a company news release.
The company is offering dollar-denominated 10¼% loan participation notes due 2012 in exchange for the 8¼% notes.
AK Bars Luxembourg also intends, subject to market conditions, to issue additional 10¼% notes prior to or on the settlement date of the exchange offer, which is expected to be Dec. 9.
The exchange offer will end at 11 a.m. ET on Nov. 26.
Eligible noteholders can obtain detailed terms and conditions of the offer by contacting dealer manager Credit Suisse (+44 20 7883 6748, attn: liability management desk) or exchange agent Lucid Issuer Services Ltd. (+44 20 7704 0880).
Investors who are in, among others, the United States and Italy cannot participate in the offer.
AK Bars is a bank based in Kazan, the Republic of Tatarstan, in Russia.
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