| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2015 > News item |
Kazkommertsbank extends consent solicitation for 5½% notes due 2022
New York, May 26 – Kazakhstan’s JSC Kazkommertsbank said it is extending the early deadline in its solicitation of consents from holders of its $750 million of 5½% notes due 2022.
The early deadline is now the same as the final expiration of 10 a.m. ET on May 26, according to a notice from the bank. Previously consents had to be delivered by 10 a.m. ET on May 19 to qualify for the additional early fee.
All other terms of the solicitation are unchanged.
As announced on May 6, Kazkommertsbank is seeking consents to allow it to amend the $1,592,000,000 4% loan due 2024 made by Samruk-Kazyna to JSC BTA Bank.
The changes will substitute Kazkommertsbank as borrower instead of BTA.
Noteholders are also being asked to acknowledge that the substitution will not result in any violation of the terms of the notes.
To make the changes, Kazkommertsbank needs the approval of 75% of the votes cast at a meeting. At least a majority of the notes must be represented at the meeting.
Holders who deliver consents by the early solicitation deadline of 10 a.m. ET on May 19 – now extended – will receive a fee of $2.50 per $1,000 principal amount.
Consents submitted after the early deadline but before the final deadline of 10 a.m. ET on May 26 will receive a fee of $1.00 per $1,000 principal amount.
Both fees are subject to the changes being approved. Noteholders who attend and vote at the meeting will not receive either fee.
Kazkommertsbank will hold the meeting on May 28.
J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com) is solicitation agent. D.F. King Ltd. (+44 20 7920 9700, kkb@dfkingltd.com or http://sites.dfkingltd.com/kkb) is tabulation agent and information agent.
Kazkommertsbank is based in Almaty, Kazakhstan.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.