South Korea's Kookmin seeks consents to amend 7¼% guaranteed bonds

By Jennifer Chiou

New York, Nov. 2 - South Korea's Kookmin Bank announced a Nov. 29 bondholders' meeting in Hong Kong at which it will ask for approval to pass an extraordinary resolution for its $1 billion of 7¼% senior guaranteed bonds due 2014.

The bank pointed out that its parent company, KB Financial Group, approved on Sept. 28 a plan 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 is seeking 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.

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