Kazakhstan Kagazy PLC / Re Agreement
29.12.2012 13:06
Dissemination of a UK Regulatory Announcement, transmitted by
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The issuer is solely responsible for the content of this announcement.
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29 December 2012
KAZAKHSTAN KAGAZY ANNOUNCES: EBRD LOAN RESTRUCTURING IS COMPLETED
Almaty, Kazakhstan - 29 December 2012 - Kazakhstan Kagazy PLC (the
'Group') announces that its subsidiary Kagazy Recycling LLP (the 'Company')
has signed a restructuring agreement for its outstanding debt with the
European Bank for Restructuring and Development ('EBRD').
New terms include the extension of the maturity of the loan to 2016 and
reduction of the margin on the loan's interest to 4.0% per annum, providing
financial covenants are met.
Taisiya Kogutyuk, CEO of Kazakhstan Kagazy JSC, commented:
'We are pleased with the signing of the restated and amended agreement with
EBRD. This is another milestone in the Company's progress towards the
complete restructuring of its financial liabilities. We are thankful for
EBRD's vote of confidence in the Group's future.'
Herewith the Group concludes the debt restructuring of its Paper division,
Kagazy Recycling LLP. The Paper division represents 79% of the Group
revenues and 81% of its EBIT.
In 2011 the Group finished the debt restructuring of its holding company,
Kazakhstan Kagazy JSC. In 2013 the Group seeks to complete the
restructuring of its Logistics division. This would conclude the financial
restructuring of the whole Group.
Unrestructured debt amounts to USD 114.5 million to date; restructured debt
to USD 157.0 million.
For information:
Kazakhstan Kagazy Group produces paper, corrugated cardboard and cardboard
containers. It is a modern production company with vertically integrated
production cycle that starts from the collection and processing of waste
paper and production and distribution of paper, cardboard and containers.
It maintains leading positions in paper and cardboard market in Kazakhstan.
The European Bank for Reconstruction and Development is an international
financial organization which finances projects across 29 countries covering
from Central Europe to Central Asia.
***
For additional data, please visit www.kazakhstankagazy.com or contact:
Sadyr Shaguzhayev, IR department
+7(727) 244-02-08
Yekaterina Karmysheva, Press office
+7(727) 341-02-00, 320-12-00
29.12.2012 EquityStory.RS, LLC's Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Kazakhstan Kagazy PLC
33-37 Athol Street
IM1 1LB Douglas
Isle of Man
Phone: +7-727-244-87-87
Fax: +7-727-244-87-82
E-mail: ir@kagazy.kz
Internet: www.kazakhstankagazy.com
ISIN: US48667M2035
Listed: London
Category Code: AGR
LSE Ticker: KAG
Sequence Number: 1297
Time of Receipt: Dec 29, 2012 13:06:05
End of Announcement EquityStory.RS, LLC News-Service
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(END) Dow Jones Newswires
December 29, 2012 07:06 ET (12:06 GMT)
© 2012 Dow Jones News
