Harvest Natural Resources Inc. (NYSE: HNR) announced its sale of $79.8 million aggregate principal amount of 11% senior unsecured notes due Oct. 11, 2014, and warrants to purchase up to 686,761 shares of its common stock with an exercise price of $10 per share.
The net cash proceeds of the offering to Harvest were approximately $63.2 million after deducting the issuance discount off the face value of the notes, placement fees, and other transaction costs. Harvest intends to use the net proceeds of the offering to fund capital expenditures planned for Gabon and other potential projects, for working capital needs and general corporate purposes.
Knight Capital Americas LLC and Wunderlich Securities acted as co-lead placement agents on the transaction.
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