Harvest Operations Corp., Calgary, (Toronto: HTE) reports it has completed its offering of US$500 million aggregate principal amount of its 6 7/8% senior notes due 2017, and the early settlement of its previously announced cash tender offer and consent solicitation with respect to its outstanding 7 7/8 % senior notes due 2011.
Harvest Operations used a portion of the net proceeds from the issuance of the 6 7/8% senior notes to fund the payment of consideration and costs relating to the offer. As of Sept. 30, approximately US$178.3 million aggregate principal amount of the 7 7/8% senior notes had been validly tendered and not withdrawn, which represented approximately 86% of the outstanding aggregate principal amount of these notes.
Harvest Operations, a subsidiary of Korea National Oil Corp., or KNOC, is a significant operator in Canada's energy industry offering stakeholders exposure to an integrated structure with upstream and downstream segments. The company's upstream oil and gas production is weighted approximately 70% to crude oil and liquids and 30% to natural gas.
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