BMB Munai grants additional put right to holders of 5% convertibles

By Jennifer Chiou

New York, June 11 - BMB Munai, Inc. announced that it entered into a supplemental indenture for its $60 million of convertible senior notes due July 2012 to amend the redemption terms.

The company previously said on Feb. 9 that it did not have enough funds to repurchase the notes if they are put back on July 13.

Because of this, the company and the Bank of New York Mellon, the trustee, agreed to add an additional put right running from June 13 until Sept. 13. In return, holders separately said that they would not exercise any put right prior to Sept. 1.

According to a BMB Munai release, the additional time will allow the company to negotiate a restructuring of the notes.

Noteholders also agreed to waive existing defaults under the indenture until the earlier of Sept. 1 or the date they may exercise the new redemption right.

Questions in the United States may be directed to Adam R. Cook, corporate secretary, at 801 355-2227 or USoffice@bmbmunai.com. In Kazakhstan, they may go to Daniyar Uteulin, vice president for investor relations, at 7 3272 375-125 or KZoffice@bmbmunai.com.

BMB Munai is an oil and gas exploration and drilling company based in Almaty, Kazakhstan.

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