RT Holding Delays Payment of 6th Coupon on Bonds
OREANDA-NEWS. November 19, 2010. RT Holding (Almaty, hereinafter - the company) informed Kazakhstan Stock Exchange (KASE) by an official letter on delay of the sixth coupon interest payment on its bonds KZPP1Y05C357 (KASE official list, buffer category, KSMKb2; KZT1,000, KZT1.3 bn; November 6, 2007 – November 6, 2012; semi-annual coupon indexed at the inflation rate, 9.70 % APR for the reporting coupon period, 30/360), reported the press-centre of KASE.
According to the mentioned bonds issue prospectus RT Holding must have paid the interest on November 8 to 19, 2010.
In the letter RT Holding informed that:
quote
RT Holding hereby informs on inability to fulfill obligations towars holders of the 1st coupon bonds issue NIN KZPP1Y05C357 ... on payment of the sixth coupon interest within set forth in the issue prospectus, on November 6, 2010 in the size of KZT63,337,725 (sixty three million three hundred thirty seven thousand seven hundred and twenty five tenge). The main cause of delay is a decrease in operations due to the sharp decline of the consumer demand for construction materials in the Republic of Kazakhstan and non-fulfillment of obligations by debtors. Considering the above said the company management informs the bondholders of the utmost date of payment of the seventh coupon interest according to the restructuring plan being considered together with the bondholders. The Company guarantees the coupon interests and accumulated penalty payment at the repayment moment in the full volume and I in compliance with requirements of the legislation of the Republic of Kazakhstan.
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