Almaty: Press Release: BTA borrowing plans for 200510.01.2005 / Press-service
PRESS-RELEASE 03/12. January 10, 2005
Given the recent various press articles, Bank TuranAlem feels a necessity to outline and clarify its international borrowing plans for 2005. As stated by our late chairman, Mr. Tatishev, in St. Petersburg on December 16, 2004, the Bank intends to borrow up to U.S.$1.5bn in foreign markets through various financial instruments, including Eurobonds, syndicated loans, and a RUR-denominated bond offering. As a result, the Bank's total foreign debt is not expected to exceed a total of U.S.$3bn at the end of 2005. There has been no change in the Bank's foreign borrowing budget or strategy since the announcement in St. Petersburg.
International debt market operations are viewed as a top priority by the Bank. The proceeds from international borrowings are used to fund loans, to support the Bank .s liquidity position, and for general banking purposes.
As announced previously, (press-release #02/12, December 27, 2004), the Bank intends to raise approximately U.S.$200mm through the placement of a new 7 or 10 year USD-denominated senior unsecured Eurobond during the first half of 2005. The Bank has mandated ING and JPMorgan as joint leadmanagers and joint bookrunners for the offering.
For further information contact: Anvar KHALTAYEV, Financial Institutions, tel.: +7 (3272) 505 135, fax: +7 (3272) 505 169, email@example.com
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Regarding BTA borrowing plans for 2005,
please find a copy of Press Release attached (in .pdf, 814kb).