Kazakhstan's Zhaikmunai solicits consents to amend 10½% notes due 2015

By Marisa Wong

Madison, Wis., Feb. 21 - Zhaikmunai LP said it began a solicitation of consents from holders of its $450 million 10½% senior notes due 2015 on Tuesday.

The company is soliciting consents to amend the indenture for the 10½% notes to

• Allow the company or a new holding company to list all or a portion of its capital stock on the London Stock Exchange plc or another recognized stock exchange or, alternatively, to list its Global Depositary Receipts on another stock exchange after removing the GDRs from the London Stock Exchange;

• Permit the company and/or its restricted subsidiaries to undertake certain reorganization transactions; and

• Waive any provisions of the indentures that would prohibit the proposed listing or the reorganization transactions.

The proposed amendments require consents from holders of a majority in principal amount of the outstanding notes. The company plans to execute a supplemental indenture promptly after the receipt of the required consents, which may be before the expiration of the solicitation.

The solicitation will expire at 5 p.m. ET on March 1.

Holders who deliver their consents by the expiration time will receive a consent payment of $5 for each $1,000 of notes.

The payment date is expected to be March 6.

Consents may be revoked prior to the earlier of the expiration time and the time at which a supplemental indenture is executed.

The company said it may decide not to undertake the listing or complete the reorganization transactions even if the required consents are obtained and a supplemental indenture is executed.

Citigroup Global Markets Ltd. (+44 (0)20 7986 8969, 800 558-3745 or 212 723-6106) is the solicitation agent, and Citibank, NA, London Branch (+44 (0)20 7508 3867) is the tabulation agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.