Kazakhstan, Astana, Nov 5 /Trend D. Mukhtarov/
Zhaikmunai L.P., the oil and gas exploration and production enterprise with assets in north-western Kazakhstan today announces that its subsidiary Zhaikmunai International B.V. has successfully priced $560 million aggregate principal amount of senior bonds with a seven-year maturity at a fixed coupon of 7.125 percent per annum, Kazakhstan Stock Exchange (KASE) said.
The transaction is expected to close on November 13 2012.
Based on the amount of existing bonds that has been tendered into the pending tender offer to date, approximately $358 million of the proceeds from the bond issue is expected to be used to re-finance existing debt, lengthening the company's debt maturity profile and significantly reducing the interest rate on the group's long term debt, the statement said.
The remaining net proceeds, after expenses in connection with the offering and the tender offer for existing debt, will be used for general corporate purposes.