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Kazkommertsbank accepts tenders for $127.04 million floaters issued by Kazkommerts DPR
By Jennifer Chiou
New York, April 1 - JSC Kazkommertsbank said it accepted tenders for $127.04 million total of notes in the modified Dutch auction tender offer to purchase up to $175 million principal amount of floating-rate notes issued by Kazkommerts DPR Co.
The offer began March 23 and expired at 11 a.m. ET on March 31.
Included in the offer were 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 determined a single purchase price of $920 per $1,000 principal amount of notes. The range the bank previously noted was between $820 and $920, adding that 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 set for April 3.
Noteholders who did 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 had been validly tendered on a non-competitive basis, Kazkommertsbank would have accepted notes on a pro rated basis.
Noteholders who participated were required to tender a minimum of $100,000 principal amount of notes.
The dealer manager was Merrill Lynch International (attn: Liability Management - John Cavanagh at +44 20 7995 3715 or john_cavanagh@ml.com), and the tender agent was Lucid Issuer Services Ltd. (attn: Lee Pellicci/Yves Theis at +44 20 7704 0880 or kkb@lucid-is.com).
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