ATFBank says Doszhan Temir Zholy (DTZ) is to default on 12th coupon on bonds KZ2C0Y23B676 (KZ2C00000701, DTJLb1)

/KASE, July 17, 2017/ – ATFBank (Almaty, Bank), a representative of holders of infrastructure bonds KZ2C0Y23B676 (KZ2C00000701, KASE AIM, Bonds Category, DTJLb1) of Doszhan Temir Zholy (DTZ), has by an official letter informed Kazakhstan Stock Exchange (KASE) of the following: quote Based on Agreement No. 2 dated July 20, 2005 on representation of interests of bondholders signed between the Bank and Doszhan Temir Zholy (DTZ, Issuer), the Bank reports the following. According to the issue prospectus of the Issuer's bonds (NIN KZ2C0Y23B676), the coupon payment shall be made once a year, with a time-base 360/30 (360 days a year/30 days a month), respectively, through each year, starting from the bonds circulation starting date (August 2, 2005) until maturity in KZT, through cashless payment in current accounts of bondholders, within 10 business days after the last day of the period for which the payment is made. The planned coupon payment shall be made on August 2, 2017. On June 28, 2017, the Bank sent to the Issuer a request No. 7/2989 dated June 28, 2017 regarding the sufficiency of funds for the coupon payment. On July 12, 2017, the Bank received a letter No. 355 from the Issuer dated June 11, 2017, whereby the Issuer reports that there is no sufficient cash reserve available for a lump sum payment. The issuer plans to pay KZT1 bn in August 2017. The remaining part of the debt the Issuer plans to pay in installments of KZT200-500 m until May 2018. Thus, the Bank announces the expected default on infrastructural bonds of Doszhan Temir Zholy (DTZ) NIN KZ2C0Y23B676. unquote [2017-07-17]