Kazakhstan's Zhaikmunai repays $348 million of notes in third quarter

By Lisa Kerner

Charlotte, N.C., Nov. 21 - Zhaikmunai LP ended its first nine months of 2012 with $189.5 million of cash, including $186 million of cash and cash equivalents, according to the company's third-quarter earnings release.

The remaining $3.5 million was restricted cash.

During the quarter, subsidiary Zhaikmunai International BV priced $560 million senior bonds with a seven-year maturity at a fixed coupon of 7.125% per annum.

Proceeds were used in part to repay $348 million of its existing notes, which allowed Zhaikmunai to extend over 80% of its existing liabilities to 2019 and to reduce the interest rate of 10.5% on the existing bonds down to 7.125% on the new bonds, the release said.

Zhaikmunai's net cash used in investing activities grew to $153.5 million in the first nine months of 2012, from $72.6 million in the same period in 2011.

Kazakhstan-based Zhaikmunai is an oil exploration, development and production company.

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