Kazakhstan's Zhaikmunai substitutes issuer of 10½% senior notes; KASE admits notes to trading

By Marisa Wong

Madison, Wis., March 1 - Zhaikmunai LP announced that wholly owned subsidiary Zhaikmunai LLP will replace Zhaikmunai Finance BV as the issuer of the $450 million of 10½% senior notes due Oct. 19, 2015 that were issued in October.

Zhaikmunai Finance and Zhaikmunai LLP entered into a supplemental indenture on Monday, transferring all of the issuer's obligations under the notes to Zhaikmunai LLP from Zhaikmunai Finance.

The notes will be admitted to trading on the Kazakhstan Stock Exchange on Wednesday. The notes will also continue to be listed on the Luxembourg Stock Exchange.

"We are very pleased that Zhaikmunai bonds are now listed on the Kazakhstan Stock Exchange. In addition to being present on international financial markets via the stock exchanges in London and Luxembourg, Zhaikmunai is now also present locally in Kazakhstan via the KASE. On numerous occasions, Kazakh institutional investors have indicated their interest in the Zhaikmunai bond being traded locally," said chief financial officer Jan-Ru Muller in a news release.

Zhaikmunai is an Oral, Kazakhstan-based independent oil and gas company.

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