TuranAlem affiliate offers $100m euronotes under 100% bank's guaranty

/IRBIS, June 20, 01/ - Affiliated company of the Bank TuranAlem OJSC, TuranAlem Finance B.V. (Rotterdam, the Netherlands) is floating $100m euronotes jointly with lead-manager Dresdner Kleinwort Wasserstein (DrKW). Euronotes are issued under full guarantee of the bank as in case with Kazkommertsbank and Kazkommerts International B.V. (Rotterdam, the Netherlands). The bank gives no official information as operation is not yet completed. In May this year, the bank disclosed intention to float three-year euronotes ($100m). It was supposed that presentation could take place in Frankfurt, Vienna, London, New-York and Boston between May 30 and June 05. Sources in the bank and TuranAlem Securities LLP presented IRBIS agency with several emission parameters: circulation term - 3 years, value - $100m, fixed semiannual coupon rate - 11.5% APR, the issuer expects discount price to be at 99.076% (or 11.875 APR of initial emission yield). Expected date of offering is June 28, 2001. Maturity date - June 28, 2004. Bank TuranAlem plans to initiate admission procedure of bonds to Kazakhstan market. The domestic underwriter is TuranAlem Securities LLP TuranAlem Finance B.V. was created according to decision of the Directors' Board of the bank on March 16, 2001 with total authorized capital of 18 th. euros. The sole founder is Bank TuranAlem OJSC. TuranAlem Finance B.V. is limited liability company, registered under the law of the Netherlands. The registration was held on April 23, 2001 (#B.V.1161598). According to REUTERS information, Moody's assigned "Ba2" rating for euronotes ("B1" - previous assessment).