Centercredit Buys Back $145 Million of Bonds to Reduce Liquidity

Bank Centercredit (CCBN), the Kazakh lender part-owned by South Korea’s Kookmin Bank, bought back about $145 million of its bonds due 2014.

Centercredit purchased the notes at a May 11 auction organized by VTB Capital, paying $1,042.5 apiece, the Almaty- based lender said in a statement e-mailed today.

The purchases helped to cut excessive liquidity in foreign currency and reduce debt-servicing costs, Chief Executive Officer Vladislav Lee said in the statement.

The 8.625 percent dollars bonds were issued in January 2007 and had $477 million outstanding before the tender, Centercredit said.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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