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Published on 5/17/2012 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Kazakhstan's Bank CenterCredit buys back $144.68 million 8 5/8% notes

By Marisa Wong

Madison, Wis., May 17 - JSC Bank CenterCredit said it purchased $144,679,000 of the 8 5/8% notes due 2014 issued by subsidiary CenterCredit International BV in its previously announced tender offer.

Pricing for the tender offer was set via modified Dutch auction on May 11. The minimum purchase price was $1,030.00 per $1,000 principal amount of notes. The bank repurchased the notes at $1,042.50 each.

CenterCredit originally issued $500 million of the notes in 2007. The bank had previously repurchased and canceled $22,854,000 of the notes, leaving $477,146,000 outstanding at the start of the tender offer.

Following the buyback, $332,467,000 of the notes remain outstanding.

"The successful completion of this deal allowed the bank to optimize its liabilities, decrease excessive liquidity in a foreign currency and reduce costs related to the debt servicing," said the bank's management board chairman, Vladislav Lee.

VTB Capital plc (+44 (0) 20 3334 8029) was the dealer manager. Lucid Issuer Services Ltd. (+44 (0) 20 7704 0880) was the tender agent.

The commercial bank is based in Almaty, Kazakhstan.


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