Tristan Oil to launch $120 million add-on to 10½% notes due 2012

By Paul A. Harris

St. Louis, May 22 - Tristan Oil Ltd. will host an investor call on Thursday for a $120 million add-on to its 10½% senior secured notes due Jan. 1, 2012 (existing ratings B2/B+), according to an informed source.

Pricing is expected during the week of June 4 following a consent solicitation.

Jefferies & Co. is the bookrunner for the Rule 144A and Regulation S add-on.

The notes become callable on Jan. 1, 2009 at 105.25 and contain an equity clawback until July 1, 2009 for 35% at 110.5.

The notes are guaranteed on a senior secured basis by Kazakh affiliates Kazpolmunay LLP (KPM) and Tolkynneftegaz LLP (TNG).

Proceeds will be used for working capital and for the general corporate purposes of KPM and TNG, including future capital expenditures.

The original $300 million issue priced at par on Dec. 13, 2006.

Tristan is a British Virgin Islands oil and gas exploration and production company operating primarily in Kazakhstan.

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