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ALMATY, Nov 16 (Interfax).  JSC Intergas Central Asia, part of Kazakhstan's KazTransGas, redeemed its $250 million notes on November 4.

"Intergas Central Asia redeemed the notes with its own funds accumulated under the program for repaying the 7-year notes," the company said in the report.


Intergas Central Asia told Interfax-Kazakhstan that it directed over $357 million to repay the notes. In December 2008, the company spent to redeem $71.052 million notes due to favorable market conditions and affordable prices. Coupon interest for the period totaled $107.595 million.


The $250-million 6.875% notes due 2011 were issued by Intergas Finance B.V. in 2004. The notes will be unconditionally and irrevocably guaranteed, on a joint and several basis, by JSC KazTransGas and CJSC Intergas Central Asia.


The funds raised through the issue were injected in refinancing of company's current liabilities and operating activities.


Intergas has also changed the issuer of its 10-year $600 million notes.


Simultaneously, the company held a listing of the $600-million notes issued in 2007 on the Kazakhstan Stock Exchange (KASE).


Intergas Central Asia will act the issuer of the notes instead of Intergas Finance BV.


The company hopes that the change of the issuer will help to cut down tax payments.


Intergas Central Asia JSC was organized in June 1997 when the company received a concession to operate and manage Kazakhstan's gas transportation system. Intergas Central Asia is part of KazTransGas JSC, which is a subsidiary of National Company KazMunayGas. The company operates the main gas pipeline networks over 14,000 km long in the republic, the annual throughput capacity of the pipelines reaches 190 billion cubic meters.



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