Kazakhstan's Zhaikmunai gets early tenders for $348 million 10½% notes

By Susanna Moon

Chicago, Nov. 2 - Zhaikmunai International BV said investors tendered $348 million of the $450 million outstanding 10½% senior notes due 2015 issued by Zhaikmunai LLP by the early tender deadline at 5 p.m. ET on Nov. 1.

As previously reported, the total purchase price is $1,097.50, including a $17.50 early tender premium, for each $1,000 principal amount of notes tendered by the early deadline.

Holders who tender after the early deadline will receive $1,080 per $1,000 of notes.

The company also will pay accrued interest up to the settlement date, which is expected to be Nov. 23.

The offer will continue until 5 p.m. ET on Nov. 19, but tendered notes may no longer be withdrawn. The offer began on Oct. 19.

The tender offer is subject to completion of a new financing. Zhaikmunai International previously announced that it planned to offer dollar-denominated senior notes.

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, according to a previous press release.

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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