OREANDA-NEWS. On December 15, 2008 Kazkommertsbank completed repayments on its US 1.3 billion syndicated loan on schedule by repaying the final US69,047,619 of outstanding principal, reported the press-centre of Kazkommertsbank.
 
The syndicated loan was raised in December 2005 to finance trade activities of the Bank’s clients.
 
The Bank of Tokyo-Mitsubishi, Ltd., Calyon, Commerzbank AG and Deutsche Bank AG were the lead arrangers for the loan.
 
The total amount of principal repayments made by Kazkommertsbank in 2008 was US 2.2 billion. All repayments were made on schedule without the need for further external financing.
 
Kazkommertsbank will continue to redeem its outstanding debts as scheduled going forward. Kazkommertsbank is not considering any debt restructuring and has not initiated any discussions in this respect.
 
“We successfully passed through the period of peak redemptions for the Bank in late 2007 and early 2008. The amount of foreign repayments to be made in 2009 is quite manageable, in our view. I believe that we won’t need any additional funding to meet our obligations", - said Nina Zhussupova, Chairperson of the Board."