By Paul A. Harris
St. Louis, Dec. 13 - Tristan Oil Ltd. priced a $300 million issue of five-year senior secured notes at par to yield 10½% on Wednesday, according to an informed source.
The yield came on top of the 10½% price talk, which had been revised from 10¾% to 11%.
Jefferies & Co. ran the books for the non-rated notes, which were issued via Rule 144A with no registration rights and via Regulation S.
Proceeds will be used to repay the existing debt of affiliate Tolkynneftegaz LLP (TNG), to make a distribution to company shareholders, for working capital and for general corporate purposes of TNG and another Tristan affiliate, Kazpolmunay LLP.
Tristan is a British Virgin Islands oil and gas exploration and production company operating primarily in Kazakhstan.
| Issuer: | Tristan Oil Ltd.
|
| Amount: | $300 million
|
| Maturity: | Jan. 1, 2012
|
| Security description: | Senior secured notes
|
| Bookrunner: | Jefferies & Co.
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Spread: | 596 bps
|
| Call features: | Callable on Jan. 1, 2009 at 105.250, 102.625, par on or after July 1, 2011
|
| Equity clawback: | Until July 1, 2009 for 35% at 110.50
|
| Trade date: | Dec. 13
|
| Settlement date: | Dec. 20
|
| Rating: | Non-rated
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 10½% (revised from 10¾% to 11%)
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
