OREANDA-NEWS. February 02, 2010. Astana-Finance (Astana) informed Kazakhstan Stock Exchange (KASE) the company failed to pay the tenth coupon and the principal on bonds KZPC1Y05D501 (ASFIb5; KZT100, KZT5.0 bn; 21.01.05 - 21.01.10, semiannual coupon indexed to inflation rate, 10.80 % APR as for the latter coupon period; 30/360), reported the press-centre of KASE.

According to the bond prospectus Astana-Finance has to pay the principal and interest in the period January 21 through February 3, 2010. The prospectus specifies "in case of default on the sum payable to bondholders under the Prospectus, the issuer must pay to bondholders the principal and the fine for each day of delay, computed on the basis of the official rate of the Kazakhstan National Bank as on the day the obligations or a part thereof must be honored".

Astana-Finance informed:

Astana-Finance is informing on default on coupon and principal payment on bonds under the first bond program (NIN KZPC1Y05D501, trade code ASFIb5).

Currently the Company is trying to restructure its debt. A corresponding plan is being developed jointly with engaged financial and legal advisers.

After approval of the restructuring plan an additional note will be issued to inform on terms of coupon and principal repayment.

The bonds were removed from the KASE after the circulation term had expired on January 21, 2010.