Kazakhstan Kagazy finishes restructuring all four series of bonds

By Marisa Wong

Madison, Wis., April 14 - Kazakhstan Kagazy has completed the restructuring of all four of its bond issues, according to a press release.

As previously reported, the restructuring involves revisions to the prospectuses of the bonds, including extension of the maturities, altered coupons and the addition of certain restrictive covenants.

Maturity dates of the bonds have been extended as follows:

• The KZT 4 billion of first-issue bonds originally due in 2010 have a new maturity of 2015 to 2018;

• The KZT 3.5 billion of second-issue bonds originally due in 2011 have a new maturity of 2026;

• The KZT 3.5 billion of third-issue bonds originally due in 2013 have a new maturity of 2026; and

• The KZT 12 billion of fourth-issue bonds originally due in 2013 have a new maturity of 2028.

Interest rates of the bonds have been amended as follows:

• The first issue has a new coupon of 6%, lowered from 10.1%;

• The second issue has a new coupon of 13%, amended from CPI plus 150 basis points capped at 12%;

• The third issue has a new coupon of 13%, amended from CPI plus 150 bps with a cap of 12%; and

• The fourth issue has a new coupon of 13%, increased from 12%.

The company's second, third and fourth issues were readmitted to trading on the Kazakhstan Stock Exchange on April 1.

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

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