Kaspi Bank buys back $43.59 million of 9 7/8% notes via Dutch auction

By Susanna Moon

Chicago, Dec. 10 – JSC Kaspi Bank said investors had tendered $63.38 million of its $200 million 9 7/8% notes due 2016 in the offer that ran until 11 a.m. ET on Dec. 9.

Kaspi Bank accepted for purchase $43.59 million principal amount of notes at the purchase price of $1,026 per $1,000 principal amount, according to a bank notice.

The bank said it accepted for purchase all notes offered for sale at an offer price less than or equal to the purchase price.

After settlement on Dec. 15, there will be about $156.41 million notes left outstanding.

The bank also will pay accrued interest, which will be $561,978.01.

Kaspi Bank began the modified Dutch auction tender offer on Nov. 30.

The minimum purchase price was $1,025 per $1,000 principal amount.

The purpose of the offer was to allow the bank to acquire some of the outstanding notes, which reflects its “robust” liquidity and is consistent with its ongoing liability management objectives, according to the original announcement.

The tender offer also gives some holders an opportunity to gain liquidity for their notes prior to maturity, the bank had noted.

J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com) is the dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880, Victor Parzyjagla, kaspi@lucid-is.com) is the tender and information agent.

The issuer is an Almaty, Kazakhstan-based bank.

© 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.