Kazakhstan's Kazkommertsbank changes issuer for nine series of bonds

By Angela McDaniels

Tacoma, Wash., Feb. 11 - JSC Kazkommertsbank said the issuer has been changed for all outstanding senior eurobonds issued by Kazkommerts International BV and guaranteed by the bank.

As a result, the bank's guarantee is no longer effective, and all of the issuer's liabilities on the eurobonds have been transferred to Kazkommertsbank, according to a bank news release.

The following bonds have been affected:

• €300 million 5 1/8% bonds due March 23, 2011;

• $230 million 12% bonds due May 30, 2011 ;

• £350 million 7 5/8% senior notes due Feb. 13, 2012;

• $125 million 12.85% bonds due Dec. 18, 2012;

• $500 million 8½% bonds due April 16, 2013;

• $400 million 7 7/8% bonds due April 7, 2014;

• $500 million 8% senior notes due Nov. 3, 2015;

• $500 million 7½% senior notes due Nov. 29, 2016; and

• €750 million 6 7/8% bonds due Feb. 13, 2017.

The Almaty, Kazakhstan-based bank said the issuer has been substituted in accordance with the terms and conditions of the eurobonds and has no effect on the rights of the bondholders.

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