Harvest Operations closes reopening of its 3.000% senior notes due 2022
On November 6, 2017, Harvest Operations Corp. ("Harvest") announced that it successfully closed the reopening of its US$285 million 3.000% guaranteed notes due 2022, raising an additional US$200 million at a price of C$99.20 per note, for a total principal amount of approximately US$485 million. The notes, unconditionally and irrevocably guaranteed by Harvest's parent company Korea National Oil Corporation, constitute a further issuance of the US$285 million 3.000% notes due 2022 issued on September 21, 2017.
HSBC Securities (Canada) Inc., Citigroup Global Markets Inc. and SMBC Nikko Capital Markets Limited acted as joint bookrunners and lead managers for the offering.
Harvest intends to use the net proceeds of the offering to fund the completion and commissioning of its BlackGold oil sands project and for general corporate purposes.
Harvest is a wholly-owned, subsidiary of KNOC. 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).
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