Kazakhstan's Kazkommertsbank adjourns noteholder votes to Aug. 4

By Angela McDaniels

Tacoma, Wash., July 21 - JSC Kazkommertsbank said the meetings called for holders of two series of notes issued by Kazkommerts Finance 2 BV were adjourned to Aug. 4 from July 21 due to a lack of quorum.

The two series of notes are $250 million of 8½% subordinated loan participation notes due 2017 and $200 million of 8 5/8% subordinated loan participation notes due 2016.

As previously reported, holders are being asked to substitute the company with the bank as primary obligor under the notes and to collapse the loan participation note structure in favor of a straight bond structure, including the termination of the related loan agreement, the removal of the security package and the removal of the limited-recourse provisions in the notes.

The changes would also allow the company to list the notes on the Kazakhstan Stock Exchange in addition to the London Stock Exchange.

Questions about the consent solicitation may be directed to Bank of New York Mellon at +44 0 207 964 4958 or eventsadmin@bnymellon.com.

Kazkommertsbank is based in Almaty, Kazakhstan.

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