Kazakhstan's Kazkommertsbank cancels $930 million equivalent of bonds

By Jennifer Chiou

New York, Dec. 23 - Kazkommertsbank announced the cancellation of about $930 million equivalent of several series of its eurobonds.

The currency breakdowns include €332,835,000 of bonds, £124,874,000 of bonds and $251,598,000 of bonds.

The eurobonds were issued by Kazkommerts International BV and Kazkommerts Finance 2 BV and accepted by the bank as collateral against customer loans.

The Almaty, Kazakhstan-based bank said that the bonds were accepted as collateral between May 15, 2009 and Dec. 15.

Specifically, the canceled bonds include:

• €33,082,000 of the original €300 million of bonds due March 23, 2011;

• £124,874,000 of the original £350 million of bonds due Feb. 13, 2012;

• $10,558,000 of the original $500 million of bonds due April 16, 2013;

• $76,579,000 of the original $400 million of bonds due April 7, 2014;

• $105,286,200 of the original $500 million of bonds due Nov. 3, 2015;

• $59,175,000 of the original $500 million of bonds due Nov. 29, 2016; and

• €299,753,000 of the original €750 million of bonds due Feb. 13, 2017.

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