Consent Agreement

RNS Number : 6051Y

Zhaikmunai LP

02 March 2012

 

Zhaikmunai L.P. announces approval of the Proposed Amendments and Waivers in relation to Zhaikmunai LLP's US$450 million 10.50% Senior Notes due 2015

March 2, 2012.  Further to its announcement on February 21, 2012, Zhaikmunai L.P. (the "Parent") announces that Zhaikmunai LLP (the "Issuer") has obtained Consents from Holders of a majority in aggregate principal amount of the US$450,000,000 10.50% Senior Notes due 2015 (the "Notes") (ISIN: (Reg S)USN97708AA49/(144A)US98951QAA31) (CUSIP:(Reg S)N97708AA4/(144A)98951QAA3) to the Proposed Amendments and Waivers to the indenture governing the Notes. Accordingly, today the Issuer, the Guarantors, the Trustee and the Collateral Agent executed the Supplemental Indenture giving effect to such Proposed Amendments and Waivers. Capitalised terms used in this announcement and not otherwise defined have the meanings ascribed to them in the consent solicitation statement dated February 21, 2012 (the "Consent Solicitation Statement").

The Solicitation expired at 5:00 p.m., New York time, on March 1, 2012. The consideration for each US$1,000 principal amount of Notes for which a Consent was received prior to the Expiration Time and not validly revoked is US$5 (the "Consent Payment"). Subject to the satisfaction of the Consent Payment Conditions, the payment of the Consent Payment will be made on the Payment Date, which is expected to be March 6, 2012. Subject to the payment of the Consent Payment, the Proposed Amendments and Waivers set forth in the Supplemental Indenture will be binding on all Holders, irrespective of whether such Holders delivered a Consent. However, the Parent, the Issuer and the Guarantors may decide not to undertake the Listing or the Reorganization Transactions even though the Supplemental Indenture has been executed. 

The Issuer has retained Citigroup Global Markets Limited as Solicitation Agent and Citibank, N.A., London Branch as Tabulation Agent with respect to the Solicitation.

Requests for information in relation to the Solicitation should be directed to:

Solicitation Agent:

Citigroup Global Markets Limited

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

United Kingdom

Attention: Liability Management Group

London: [phone]

Toll Free: [phone]

Collect: [phone]

E-mail: [e-mail]

Tabulation Agent:

Citibank, N.A., London Branch

14th Floor

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

United Kingdom

Attention: Exchange Team

The Tabulation Agent may be contacted at:

[phone]

Facsimile Transmission Number: [phone] (for eligible institutions only)

E-mail: [e-mail]

Attention:  Exchange Team

 

END

 

 

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