Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers K > Headlines for Kookmin Bank > News item |
South Korea's Kookmin Bank gets OK to amend 7¼% bonds due 2014
By Devika Patel
Knoxville, Tenn., Nov. 30 - Kookmin Bank said the extraordinary resolution for its $1 billion of 7¼% senior guaranteed bonds due 2014 was approved at a Nov. 29 bondholders' meeting in Hong Kong.
As previously reported, the bank's parent company, KB Financial Group, approved a plan on Sept. 28 to separate the credit card business of the bank into a wholly owned subsidiary of the parent. This separation will require the transfer of all credit card receivables on the balance sheet of Kookmin to KB.
As a result, Kookmin sought approval from holders to, among other things, approve:
• Consent to the issuer requesting for the return of all of the trustee's right, title, interest and benefit under the credit card receivables entrusted to the trustee;
• Consent to the trustee's request giving the issuer a right of first refusal to return to the credit card receivables;
• Netting payments regarding the portfolio sale price; and
• The proposed amendments to the trust agreement, the servicing agreement and the master definitions schedule.
Citicorp International Ltd. is the trustee.
Kookmin Bank is a lender based in Seoul, South Korea
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.