Ukraine's Alfa-Bank calls 9¼% notes after holders OK change to indenture to add call provision

By Jennifer Chiou

New York, July 23 - CJSC Alfa-Bank announced its intention to exercise its new call option for the $450 million of 9¼% loan participation notes due 2010 issued by Ukraine Issuance plc.

The notes will be redeemed in whole on Aug. 5.

The amendment to the note indenture to add the call option was approved at a meeting on Thursday. Alfa-Bank needed a quorum of two-thirds of the notes to amend their terms and votes from 75% of those attending.

The bank previously said it was also soliciting consents for the $345 million of 9¾% loan participation notes due 2009 issued by Emerging Markets Structured Products BV to add a call option.

Alfa-Bank was soliciting consents to amend the 9¼% notes and 9¾% notes to also allow the bank to exchange the notes for new notes.

Deutsche Trustee Co. Ltd. is the trustee.

Alfa-Bank is a Kiev, Ukraine-based commercial and retail bank.

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