Korea’s Kookmin Bank seeks consents to establish covered bond program

By Angela McDaniels

Tacoma, Wash., Jan. 29 – Kookmin Bank began a consent solicitation for its HK$160 million of 1.4% notes due 2015, $300 million of 1.375% notes due 2016 and $300 million of 3.625% notes due 2017, according to a bank announcement.

The bank plans to establish a covered bond program and needs consent in order to amend the conditions of the notes to incorporate a covered bond carve-out and standardize the negative pledge covenant of all notes issued under its $8 billion global medium-term note program.

The bank is offering a consent fee of $1 per $1,000 principal amount or HK$1 per HK$1,000 principal amount, as applicable, to holders who submit their consents by the consent fee deadline, 11 a.m. ET on Feb. 13.

Holders will vote at a meeting at 5 a.m. ET on March 2. The latest time for voting instructions to be given is 5 a.m. ET on Feb. 26.

Societe Generale (44 20 7676 7579 or liability.management@sgcib.com) is the consent coordinator. The tabulation agents are Bank of New York Mellon, London Branch (44 1202 689644 or debtrestructuring@bnymellon.com) and Bank of New York Mellon, Hong Kong Branch (852 2840 6613 or HONCTRMTA@bnymellon.com).

Kookmin Bank is a lender based in Seoul.

© 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.