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Kazkommertsbank: Votes fall shy of target needed to amend 5½% notes
By Susanna Moon
Chicago, June 29 – JSC Kazkommertsbank said it again fell short of the 75% consent threshold needed in the solicitation for its $750 million of 5½% notes due 2022.
At a meeting held Monday, noteholders represented about 92% of the outstanding notes and, of the votes cast, about 73.6% voted for the proposal, according to a company notice.
Because the measure failed, the bank said it will not pay a consent fee.
The early solicitation deadline was 11 a.m. ET on June 19, and the solicitation deadline was 11 a.m. ET on June 25.
Kazkommertsbank began the consent solicitation on June 5 after failing to get the 75% threshold required in the solicitation that ended in May. As previously reported, at the meeting held May 28, holders represented about 89% of the outstanding notes and, of those cast, about 72.7% voted in favor of the proposal.
As before, the company sought to amend the $1,592,000,000 4% loan due 2024 made by Samruk-Kazyna to JSC BTA Bank.
The amendment would have substituted Kazkommertsbank for BTA as borrower.
The early consent fee would have been $2.50 per $1,000 principal amount. The consent fee for those who delivered consents after the early deadline would have been $1.00 per $1,000 principal amount.
J.P. Morgan Securities plc (+44 207 134 2468 or em_europe_lm@jpmorgan.com) is solicitation agent. D.F. King Ltd. (+44 20 7920 9700, kkb@dfkingltd.com) is tabulation agent and information agent.
Recent consent bid
To make the changes, Kazkommertsbank needed the approval of 75% of the votes cast, and at least a majority of the notes needed to be represented at the meeting.
Noteholders were asked to acknowledge that the substitution would not result in any violation of the terms of the notes.
Kazkommertsbank is based in Almaty, Kazakhstan.
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