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Kazakhstan's Zhaikmunai launches cash tender offer for 10½% notes
By Marisa Wong
Madison, Wis., Oct. 19 - Zhaikmunai International BV began a cash tender offer for any and all of the $450 million outstanding 10½% senior notes due 2015 issued by Zhaikmunai LLP, according to a Kazakhstan Stock Exchange announcement.
The offer is scheduled to expire at 5 p.m. ET on Nov. 19.
Holders who tender their notes by 5 p.m. ET on Nov. 1 will receive a total consideration of $1,097.50, which includes a $17.50 early tender premium, for each $1,000 principal amount of notes.
Holders who tender after the early deadline will not be eligible to receive the early tender premium and will receive $1,080 per $1,000 of notes.
Holders will also receive accrued interest up to the settlement date, which is expected to be Nov. 23.
The tender offer is subject to completion of a new financing. Zhaikmunai International announced on Friday it plans to offer dollar-denominated senior notes.
The company said that the purpose of the tender offer and the planned notes issue is to take advantage of current favorable conditions in the debt capital markets and to extend its debt maturity profile.
Citibank NA, London Branch (+44 207 508 3867) is the tender agent for the offer. Citigroup Global Markets Ltd. (attn.: Liability Management Group, 800 558-3745, 212 723-6106 or +44 207 986 8969), Merrill Lynch International (attn.: Liability Management - John Cavanagh/Tommaso Gros-Pietro, +44 207 995 3715, +44 207 995 2324, 888 292 0070 or 646 855 3401) and VTB Capital plc (attn.: Global Head of Syndicate, +44 203 334 8029) are joint dealer managers
Zhaikmunai International and Zhaikmunai LLP are subsidiaries of Zhaikmunai LP, an oil and gas exploration and production company with interests in northwestern Kazakhstan. The group has an office in Douglas, Isle of Man.
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