Korea's National Agricultural gets needed consents for reorganization

By Marisa Wong

Madison, Wis., Feb. 7 - National Agricultural Cooperative Federation said it received the required consents for a reorganization plan to be implemented under the amended National Agricultural Cooperative Federation Act adopted on March 31, 2011, which is due to take effect on March 2.

The company began the consent solicitation in January for 10 series of notes issued under its $8 billion global medium-term notes program. The 10 series include the following:

• $400 million of 5.55% notes due 2012;

• $180 million of 8½% notes due 2014;

• $500 million of 5% notes due 2014;

• $500 million of 4¼% notes due 2016;

• $500 million of 3½% notes due 2017;

• HK$230 million of 4.8% notes due 2012;

• HK$250 million of 4.56% notes due 2013;

• S$50 million of 1.1% notes due 2012;

• S$38 million of zero-coupon notes due 2012; and

• S$40 million of 1.27% notes due 2013.

As of 5 p.m. ET on Feb. 6, the consent deadline, the company received consents from holders of more than 75% of the outstanding principal amount of the notes.

Holders who delivered their consents by the consent deadline will receive a consent fee of 0.375% of par.

The Seoul, Korea-based company said that by receiving consents from holders of more than 75% of the outstanding principal amount of the notes, the company will be able to meet the 50% quorum required at the meeting scheduled for Feb. 14 and will be able to pass the resolution.

Bank of America Merrill Lynch (646 855-3401), Citi (212 723-6108) and Credit Agricole CIB (+44 (0)207 214 7408) are the solicitation agents.

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