Kazkommertsbank JSC announces redemption of USD 100,000,000 Perpetual Loan Participation Notes (ISIN: XS0234398245/US486668AA44)
9 February 2018, Almaty, Kazakhstan. JSC Kazkommertsbank (“the Bank”) announces early redemption of USD 100,000,000 Perpetual Loan Participation Notes (“the Notes”) issued by the Bank on 9 November 2005. The Bank has redeemed the Notes in whole out of its own funds.
Ulf Wokurka, Chief Executive Officer of the Bank, commented:
“Kazkommertsbank has made full early redemption of the Notes out of its own funds. The Notes have been a rather expensive financial instrument for the Bank, with floating coupon rate, which has been increasing during the last months. We expect that early repayment of the Notes shall reduce the average cost of funding of the Bank”.
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