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

By Susanna Moon

Chicago, March 2 - Zhaikmunai LP said it received the needed consents to amend its $450 million 10½% senior notes due 2015 after holders delivered consents for a majority of the notes.

The company executed the supplemental indenture amending the notes.

The consent solicitation expired at 5 p.m. ET on March 1. The offer began on Feb. 21.

Holders who delivered their consents by the end of the offer will receive a payment of $5 for each $1,000 of notes.

The payment date is expected to be March 6.

As previously noted, the company solicited 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 required consents from holders of a majority in principal amount of the outstanding notes.

The company previously 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.

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