/IRBIS, June 2, 04/ - Following is the characteristics of bonds of first issue
of MINING-SMELTING CONCERN KAZAKHALTYN OJSC (Stepnogorsk)
published in connection with their admittance into official list of securities
of Kazakhstan Stock Exchange (KASE) under category "A".
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Type of securities: indexed bonds
with floating coupon
Debt type: unsecured, insubordinate
Issue and servicing currency: Kazakhstani tenge (KZT)
Indexation characteristics: of face value indexed on change in
tenge exchange rate to dollar
(investor's revenue is protected
against tenge appreciation); coupon
is tied to inflation and tenge
devaluation
National identification number: KZ2CKY05B133
Issue number in state register: B13
Register maintenance: REESTR LLP (Almaty)
Date of issue registration: Apr,6, 04
Par value in issue currency: KZT1
Issue volume in issue currency: 2,800,000,000
Issue volume in securities: 2,800,000,000
Date of circulation start (issue date): Jun,2, 04
Circulation term: 5 years
Floatation term: within 2 years after circulation
start date
Register fixation date at maturity June 1, 09
Redemption begins on June 2, 09
Redemption is completed Within 9 working days after given
redemption start date
Coupon rate (interest rate): 9.0% APR for the first year of
circulation inflation-adjusted
Register fixation dates for December 1 and June 1 each
coupon payment year
Start date of coupon payment December 2 and June 2 each
(interest rate): year
Coupon is paid within 9 working days after
given start dates of coupon
payments
Time basis at all settlements: 30/360, European method
Financial consultant Financial Company
REAL-INVEST.kz JSC (Almaty)
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Date of admittance in trade lists
of KASE: June 2, 04
Trade code of KASE: KZALb1
Date of first trades: to be determined later
Accuracy of price change
at quoting: four decimal figures
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Market-makers at KASE: Financial Company
REAL-INVEST.kz JSC (Almaty)
Minimal volume of
obligatory quotation: 1 800 000 bonds
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Credit ratings of issue: absent as of June 2, 04
Credit ratings of issuer: absent as of June 2, 04
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Indexed face value (Ni) of bonds is calculated as multiplication of face value
(N) and coefficient of devaluation/revaluation rate speed (Kd) according to
following formula:
Kd = Pt / Pt0, where Pt is the weighted average US dollar rate to tenge as of
morning (main) session at KASE at actual payment date; Pt0 is weighted
average exchange rate of dollar to tenge as of morning (main) session at
KASE at circulation start date. If Pt is less than Pt0 the coefficient Kd=1.
Interest on bonds is paid twice a year based on following formula:
Y = (Ni * r * 180) / 360, where r is the interest rate.
Coupon on bonds for the first 6 months of its circulation equals 9%APR of
indexed face value. Beginning from seventh month of circulation the rate is
revised every six months and calculated as
r = i + m, where
i - inflation index as per Statistics Agency of Kazakhstan for the last 12
months (index value expressed in percentage minus 100) 2 months prior to
the date when next coupon is paid;
m- fixed margin of two percentage points of indexed face value.
The issuer reserves the right to revise fixed margin rate twice during
circulation period of security. The value of fixed margin must not be changed
by more than one percentage point at once. The issuer must notify holders
about change of margin (if it plans to do so) through publishing an article in
Kazakhstanskaya Pravda and Yegemen Kazakhstan newspapers within 30
calendar days before the margin is changed as well as by sending a written
announcement to KASE.
Upper limit for coupon is 14%APR, lower limit is 13.0%APR.
Coupon is paid in tenge based on convention "360 days in a year / 30 days in
a month". Only persons, who are included in the bondholders' list (register)
as of the beginning of the last day of a period for which coupon is accrued,
are eligible for receiving such payments.
Coupon and indexed principal are paid in tenge within 10 working days after
eligible shareholders are identified.
At the end, bonds are redeemed on indexed face value along with last
coupon by transferring amounts at current accounts of bondholders who are
included in the bondholders' list (register) as of the beginning of the last
day of a period for which coupon is accrued, are eligible for receiving such
payments.
Proceeds obtained from bonds issue will be used in further expansion of
issuer's activities.
More detailed information about the issuer is published at KASE's web site
(on securities data will be published soon) at
http://www.kase.kz/emitters/kzal.asp.
[2004-06-02]