Zhaikmunai International B.V. Tender Offer for 10.50% Senior Notes due 2015 and intention to raise new Dollar-denominated bond
Zhaikmunai International B.V. (the "Offeror"), which is a subsidiary of Zhaikmunai L.P. (LSE:ZKM) the oil and gas exploration and production enterprise with assets in north-western Kazakhstan, announces today the commencement of a tender offer (the "Tender Offer") to purchase for cash any and all of Zhaikmunai LLP's (the "Issuer") outstanding 10.50% Senior Notes due 2015 (the "Notes"). The Tender Offer is being made pursuant to an offer to purchase dated today (the "Offer to Purchase"), which sets forth a more comprehensive description of the terms of the Tender Offer. Capitalized terms used but not otherwise defined in this press release shall have the meanings given to them in the Offer to Purchase. The table below sets forth information with respect to the Notes and the Tender Offer.
The Offeror also announces today its intention to raise new Dollar-denominated bond financing guaranteed on a senior basis by Zhaikmunai L.P. and all its subsidiaries other than the Offeror, on terms satisfactory to it (the "New Notes"). The purpose of the Tender Offer and the contemplated issue of the New Notes is to take advantage of current favourable conditions in the debt capital markets and to extend the Group's debt maturity profile.
Whether the Offeror will accept for purchase Notes validly tendered in the Tender Offer is subject, amongst other conditions, to the raising by the Offeror of new Dollar-denominated bond financing, on terms satisfactory to the Offeror (the "New Financing Condition"). The Offeror is not soliciting consents from holders of Notes in connection with the Tender Offer.
Holders who validly tender their Notes after the Early Tender Date but at or prior to the Expiration Date and whose Notes are accepted for purchase will be eligible to receive the "Tender Offer Consideration" of U.S.$1,080 per U.S.$1,000 principal amount of Notes.
Tendering Holders who wish to tender their Notes and subscribe for the New Notes should quote a unique identifier code (the "Unique Identifier Code") which can be can be obtained by contacting Citigroup Global Markets Limited, in their Agent's Message or Letter of Transmittal (as the case may be).
The Offeror will review tender instructions received prior to the Early Tender Date and will then look favourably on those investors tendering with Unique Identifier Codes prior to the Early Tender Date when making decisions regarding the allocation of New Notes. However, no assurances can be given that any Holder that tenders Notes will be given an allocation of the New Notes at the levels it may subscribe for, or at all.
The receipt of a Unique Identifier Code in conjunction with any tender of Notes in the Tender Offer is not an application for the purchase of New Notes. In order to apply for the purchase of New Notes from the Offeror, such Holder must make a separate application to any of the joint lead managers for the New Notes, for the purchase of such New Notes.
Country of riskKazakhstan
Redemption (put/call option)
М/S&P/F— / — / —
Full nameZhaikmunai LLP
IndustryOil and gas