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Kazkommertsbank begins Dutch auction tender offer for floaters issued by Kazkommerts DPR
By Angela McDaniels
Tacoma, Wash., March 23 - JSC Kazkommertsbank has begun a modified Dutch auction tender offer to purchase up to $175 million principal amount of floating-rate notes issued by Kazkommerts DPR Co., according to a bank news release.
Included in the offer are Kazkommerts DPR's $200 million series 2005A floaters due 2012, $50 million series 2005B floaters due 2012, $100 million series 2006A floaters due 2013, $100 million series 2006B floaters due 2013, $150 million series 2007A floaters due 2017, $250 million series 2007B floaters due 2017 and $100 million series 2007C floaters due 2017.
Under the modified Dutch auction procedure, Kazkommertsbank will determine a single purchase price of between $820 and $920 per $1,000 principal amount of notes. The purchase price will represent the lowest price that will allow Kazkommertsbank to purchase up to $175 million of notes.
The Almaty, Kazakhstan-based bank will also pay accrued interest up to but excluding the settlement date, which is expected to be April 3.
The offer will expire at 11 a.m. ET on March 31.
Noteholders who do not specify a price will be deemed to have tendered their notes on a non-competitive basis and will have priority for acceptance.
If more than $175 million principal amount of notes is validly tendered on a non-competitive basis, Kazkommertsbank will accept notes on a pro rated basis.
Noteholders who participate must tender a minimum of $100,000 principal amount of notes.
The dealer manager is Merrill Lynch International (attn: Liability Management - John Cavanagh at +44 20 7995 3715 or john_cavanagh@ml.com), and the tender agent is Lucid Issuer Services Ltd. (attn: Lee Pellicci/Yves Theis at +44 20 7704 0880 or kkb@lucid-is.com).
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