Kazakhstan Kagazy delays fourth coupon interest payment on 12% bonds

By Caroline Salls

Pittsburgh, Sept. 10 - Kazakhstan Kagazy JSC did not make the KZT 324 million fourth coupon interest payment due Sept. 7 on its 12% bonds, according to a news release.

The issuer is required to pay the bondholders a fine for each day of delay based on the official refunding rate of the National Bank of the Republic of Kazakhstan.

Kagazy said there is currently KZT 635.44 million of unpaid debt on these bonds.

The company said it is in negotiations with the bondholders regarding changes to the terms of the securities.

Kazakhstan Kagazy is an industrial group based in Almaty, Kazakhstan.

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