Zhaikmunai turns to equity market after loan cut-off

Zhaikmunai, the London-listed Kazakh oil and gas explorer, launched a $300m capital increase on Wednesday after revealing it had triggered several events of defaults on its outstanding bank loans. The company has had its access to the final $100m of a $550m facility cut off because of the breaches on the deal, and is in talks with lenders about possible waivers.

  • 01 Jul 2009

“Because of a technical breach on the loan facility, Zhaikmunai has to find alternative sources of capital,” said a banker involved in the capital increase.

“The company has come to the decision that the equity route is best at the moment, and that’s why it is pressing ahead ...

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