Zhaikmunai to launch road show Oct 23, could place Eurobonds
MOSCOW. Oct 19 (Interfax) - Kazakh oil company Zhaikmunai will launch meetings with fixed-income investors on October 23, possibly leading to a dollar-denominated Eurobond placement, a banking sector source told Interfax.
The source said the company had mandated BofA Merrill Lynch, Citi, VTB Capital and Halyk Finance to organize the meetings.
The road show will last until October 31 and take in the United States, Europe and Asia.
The proceeds will be used partly to refinance a bonds maturing in 2015.
Net profits at Zhaikmunai increased 140% year-on-year to $86.6 million in the first half of 2012. Sales revenues were up 160% at $323.4 million and earnings before taxes, depreciation and amortization (EBITDA) soared 190% to $212.8 million.
Zhaikmunai L.P. is the parent company of Kazakh oil and gas outfit TOO Zhaikmunai, which engages in prospecting, producing and selling oil and gas condensate. The company is licenses to work the Chinarevskoye deposit in the northern part of the oil-rich Caspian Sea. The deposit is located in the West Kazakhstan region near the country's border with Russia.
The company had its IPO on the London Stock Exchange in 2008, placing stock that represented 9.1% of its charter capital.