LONDON, July 14 - Kazakh oil producer Zhaikmunai (ZKMq.L) is poised to close its $300 million share sale at a small discount to current prices, market sources said on Tuesday.
The company said on July 1 it would sell new global depository receipts (GDRs) to fund a capital expenditure programme at its Chinarevskoye field and to refinance debts.
The share sale, which will close on Thursday, marks Zhaikmunai's first return to the international equity capital markets since its $100 million initial public offering in March 2008.
Zhaikmunai shares have fallen about 58 percent since their market debut as oil prices have fallen. They are rareley traded and closed at $4.25 on Tuesday, down 23 percent from $5.50 each on June 30.
The company was in talks with lenders, including BNP Paribas (BNPP.PA), about waivers on its debt covenants after "various events of default" led to a $100 million credit line being cut off. [ID:nL1591692]
It is completing construction of the infrastructure necessary for its planned production ramp-up in the second half of 2009.
ING Bank, Mirabaud Securities and Renaissance Capital are bookrunners for the offer.
The company said on July 1 it would sell new global depository receipts (GDRs) to fund a capital expenditure programme at its Chinarevskoye field and to refinance debts.
The share sale, which will close on Thursday, marks Zhaikmunai's first return to the international equity capital markets since its $100 million initial public offering in March 2008.
Zhaikmunai shares have fallen about 58 percent since their market debut as oil prices have fallen. They are rareley traded and closed at $4.25 on Tuesday, down 23 percent from $5.50 each on June 30.
The company was in talks with lenders, including BNP Paribas (BNPP.PA), about waivers on its debt covenants after "various events of default" led to a $100 million credit line being cut off. [ID:nL1591692]
It is completing construction of the infrastructure necessary for its planned production ramp-up in the second half of 2009.
ING Bank, Mirabaud Securities and Renaissance Capital are bookrunners for the offer.
