Kazakhstan's Kazkommertsbank seeks consents to amend two note series

By Susanna Moon

Chicago, June 29 - Kazkommerts Finance 2 BV said it began a consent solicitation for the $200 million 8 5/8% subordinated loan participation notes due 2016 relating to a subordinated loan provided by the company to JSC Kazkommertsbank and the $250 million 8½% subordinated loan participation notes due 2017 relating to a subordinated loan provided by the company to the bank.

The company is soliciting the approval of holders to amend the notes at a meeting at 5 a.m. ET for the 8 5/8% notes and 5:30 a.m. ET for the 8½% notes.

Holders are being asked to substitute the company with the bank as primary obligor under the notes and to collapse the loan participation note structure in favor of a straight bond structure, including the termination of the related loan agreement, the removal of the security package and removal of the limited recourse provisions in the notes.

The changes would also allow the company to list the notes on the Kazakhstan Stock Exchange in addition to the London Stock Exchange.

Questions regarding procedures for the consent solicitation or requests for additional copies of the solicitation may be directed to the Bank of New York Mellon at +44 (0) 207 964 4958 or by e-mail to eventsadmin@bnymellon.com.

Kazkommertsbank is based in Almaty, Kazakhstan.

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