Harvest closes US$397.5 million 4.20% senior note offering

On May 1, 2018, Harvest Operations Corp. ("Harvest") announced that it closed its previously announced offering of US$397.5 million 4.20% senior unsecured notes due 2023. The notes are unconditionally and irrevocably guaranteed by Harvest's parent company Korea National Oil Corporation.

In addition, Harvest also received a commitment from an affiliate of SMBC Nikko Securities America, Inc. to provide a five-year term loan facility in an aggregate principal amount of up to C$300 million. The new loan facility is expected to close on or about May 11, 2018.

Harvest intends to use the net proceeds of the offering and term loan facility to repay in full approximately US$630 million of its outstanding 2 1/8% senior notes due May 14, 2018.

Harvest is a wholly-owned subsidiary of Korea National Oil Corporation. Harvest is a significant operator in Canada's energy industry offering stakeholders exposure to exploration, development and production of crude oil and natural gas (Upstream) and an oil sands project under construction and development in northern Alberta (BlackGold).

Further information can be found on Globe Newswire's website.