Convertibles Calendar

ON THE HORIZON

CVR ENERGY INC. (NYSE: CVI): $125 million five-year convertible senior notes; greenshoe for $18.75 million; Goldman, Sachs & Co., Citigroup (joint books), Deutsche Bank Securities and Credit Suisse; off shelf; concurrent stock offering of 10 million shares; contingent conversion at 130%; non-callable, no puts; escrow for interest payments to 2011; Sugar Land, Texas-based independent refiner and marketer of high-value transportation fuels will use proceeds for general corporate purposes.

INTERNATIONAL CONVERTIBLES

ON THE HORIZON

OPAL ENERGY CORP. (TSX: OPA): up to $35 million of five-year convertible senior secured notes; under Rule 144A; $5.25 million greenshoe; proceeds earmarked for natural gas and oil exploration and production on Gulf Coast region of Texas; Vancouver, B.C.-based independent exploration and production company.

PROMISE CO. LTD. (Tokyo Stock Exchange): ¥42 billion of zero-coupon convertible bonds; mature in 2015; unsubordinated and unsecured; Regulation S offering; approved in principle for listing on the Singapore Exchange Securities Trading Ltd.; non-callable for three years, becoming callable starting July 24, 2011; holders will be able to put the bonds in year five, beginning on July 24, 2013, at 105% of the principal amount; proceeds to repay balance of a bridge loan facility relating to an acquisition; Chiyoda-ku, Tokyo-based consumer finance company.

PACIFIC ASIA PETROLEUM INC. (OTC Bulletin Board: PFAP): $75 million of redeemable convertible preference shares; Regulation S; proceeds to fund the purchase of participating interests held by ChevronTexaco in four coalbed methane and tight gas sand resource blocks in China; Hartsdale, N.Y.-based oil and gas company with a focus on China.

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