ALMATY, Kazakhstan,
Jan. 28, 2011 /PRNewswire/ -- BMB
Munai, Inc. (NYSE Amex: KAZ) today announced that in connection
with its ongoing negotiations to restructure its U.S. $60,000,000 aggregate principal amount of 9.0%
Convertible Senior Notes due 2012 (the "Notes"), it has entered
into Supplemental Indenture No. 4 with The Bank of New York Mellon,
as trustee for the holders of the Notes (the "Noteholders")
extending the terms of the redemption rights available to the
Noteholders.
Pursuant to the terms of the original Indenture, as amended and
supplemented by Supplemental Indenture No. 1, Supplemental
Indenture No. 2 and Supplemental Indenture No. 3, the Noteholders
had the right to redeem the Notes between September 13, 2010 and January 31, 2011 by delivering notice on or prior
to January 31,
2011. Supplemental Indenture No. 4 grants the
Noteholders an additional right to require redemption of the Notes
upon two days notice any time after January
31, 2011 but on or before February
28, 2011.
In exchange for the extension of the redemption right, the
Company agreed to an increase in the put price associated with such
a redemption from 104.88% of the principal amount together with
accrued but unpaid interest as of the put exercise date to 105% of
the principal amount together with accrued but unpaid interest as
of the put exercise date. The Noteholders separately
agreed they will not exercise any redemption right that would be
effective prior to February 28, 2011,
except in certain circumstances. The Noteholders also
separately agreed to waive existing defaults under the Indenture
until the earlier of February 28,
2011 or the date they may exercise the new redemption
right.
For a more detailed description of the terms and conditions of
Supplemental Indenture No. 4 and related information, please refer
to the Current Report on Form 8-K of the Company filed with the
United States Securities and Exchange Commission on January 28, 2011.
NYSE Amex has neither approved nor disapproved of the contents
of this press release.
Contacts:
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In the US: Adam R. Cook,
Corporate Secretary
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(801) 355-2227, E-mail:
USoffice@bmbmunai.com
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In Kazakhstan: Daniyar Uteulin,
Vice President for Investor Relations
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+7 (3272) 375-125, E-mail:
KZoffice@bmbmunai.com
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This release contains "forward-looking" statements regarding
BMB Munai's negotiations with its Noteholders regarding a
restructuring of the Notes and the Noteholders' extended redemption
rights. All such forward-looking statements are subject to
future action by the Company and the Noteholders, of which there
can be no assurance. Moreover, all forward-looking statements
are not guarantees of future results or performance and involve
risks and uncertainties that could cause actual events or results
to differ materially from the events or results described in, or
anticipated by, the forward-looking statements. Such
forward-looking statements are made only as of the date of this
release and the Company assumes no obligation to update
forward-looking statements to reflect subsequent events or
circumstances. Readers should not place undue reliance on
these forward-looking statements.
SOURCE BMB Munai, Inc.