Kazakhstan's Asia-Electric changes terms of floating-rate bonds

By Marisa Wong

Milwaukee, April 22 - Asia-Electric JSC has informed the Kazakhstan Stock Exchange that it will make changes to the prospectus of its KZT 1 billion floating-rate bonds, according to a news release.

The following changes will be made:

• The circulation term for the bonds will be extended for four years until April 3, 2014;

• The semiannual coupon will be adjusted to a fixed rate of 13.08% from a floating rate indexed at the inflation rate (10.9% for the last interest period); and

• The company will have to repay 16.667% of the principal amount of the bonds every six months, beginning Oct. 3, 2011, together with the next interest payment.

Asia-Electric said that the bondholders have agreed upon these changes.

Asia-Electric is a Taldykorgan, Kazakhstan, manufacturer of electric cables and electricity meters.

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