ALMATY, Kazakhstan,
Feb. 25, 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. 5 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, Supplemental Indenture No. 3 and Supplemental
Indenture No. 4, the Noteholders had the right to redeem the Notes
until February 28, 2011.
Supplemental Indenture No. 5 grants the Noteholders an
additional right to require redemption of the Notes upon two days
notice any time after February 28,
2011 but on or before March 15,
2011.
In exchange for the extension of the redemption right, the
Noteholders separately agreed they will not exercise any redemption
right that would be effective prior to March
15, 2011, except in certain circumstances. The
Noteholders also separately agreed to waive existing defaults under
the Indenture until the earlier of March 15,
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. 5 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 February 25, 2011.
NYSE Amex has neither approved nor disapproved of the contents
of this press release.
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.