Korea's National Agricultural seeks OK to reorganize under 10 series

By Susanna Moon

Chicago, Jan. 23 - National Agricultural Cooperative Federation said it began a consent solicitation for 10 series of notes issued under its $8 billion global medium-term notes program.

The company is soliciting consents for a reorganization plan to be implemented under the amended National Agricultural Cooperative Federation Act adopted on March 31, 2011, which is due to take effect on March 2, according to a press release by the Seoul, Korea-based company.

The notes covered by the offer are the following:

• $400 million of 5.55% notes due 2012;

• $180 million of 8.5% notes due 2014;

• $500 million of 5% notes due 2014;

• $500 million of 4.25% notes due 2016;

• $500 million of 3.5% notes due 2017;

• HK$230 million of 4.8% notes due 2012;

• HK$250 million of 4.56% notes due 2013;

• S$50 million of 1.1% notes due 2012;

• S$38 million of zero-coupon notes due 2012; and

• S$40 million of 1.27% notes due 2013.

The company will hold a meeting for the proposals at noon ET on Feb. 14 in London.

The meeting will require a quorum of at least 50% of the outstanding notes. If a quorum is not established, the meeting will be adjourned for 14 days until Feb. 29.

To get approval for the resolution, the company must get votes from at least 75% of the votes delivered.

The consent fee will be 0.375% of par for consents delivered by 5 p.m. ET on Feb. 6.

Bondholder Communications Group, LLC (+44 (0)20 7382 4580 or 212 809 2663) is the information agent. Citibank, NA (+44 (0)20 7508 3867) is the tabulation agent. Bank of America Merrill Lynch (646 855-3401), Citi (212 723-6108) and Credit Agricole CIB (+44 (0)207 214 7408) are the solicitation agents.

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