Kazakhstan Chamber of Commerce in the USA

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Alliance Bank completed debt restructuring

Posted on March 30, 2010 by KazCham

LONDON, Mar 30 – IA News-Kazakhstan. Alliance Bank has completed the restructuring of debt declared the press office of the bank.

“Alliance Bank is pleased to announce the completion of all planned activities on restructuring the debt of the bank”, was stated in Tuesday press release of the bank.

According to the press release, the National Welfare Fund “Samruk Kazyna” produced capital increase of JSC Alliance Bank for 129 billion tenge by purchasing newly issued common shares of the bank for $ 24 billion tenge and of conversion rights to the bonds of the bank’s preferred shares worth 105 billion tenge.

Under the restructuring plan, all financial obligations of the bank was restructured and canceled in exchange for money, new bonds and equities.

As a result of debt restructuring and capital increase, the bank’s additional capitalization is 547.9 billion tenge, where its regulatory net worth is 50 billion tenge, which corresponds to the prudential requirements.

The volume of debt as the result of the restructuring was reduced from approximately 4.5 billion (including accrued interest) up to 1,08 billion dollars, including: $ 850 million – the senior debt in eurobonds, 85 million – a real trade finance, 145 million – subordinated 20-year bonds.

As a result, 67% of the common shares of the bank are at FNB “SamrukKazyna”, 33% – from creditors, 67% of preferred shares at FNB “SamrukKazyna”, 33% – from creditors.

As noted in the announcement of the bank, 33% of its shares are distributed among more than 2 thousands of minority shareholders, none of which has no share of more than 3% of the shares.

Loan term lengthened to 7-20 years, with maintenance of principal will commence no earlier than 4 years.

SOURCE: http://www.zakon.kz/167578-aljans-bank-zajavljaet-o-zavershenii.html

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