Just recently, Harvest issued US$630 million senior unsecured notes (the "Notes") due 2018 with a coupon rate of 2.125% at an issue price of 99.637%. The Notes will be unconditionally and irrevocably guaranteed by KNOC and have been rated A1/A+ by Moody's Investors Service and Standard & Poor's Rating Services, respectively. Closing of the offering is on May 14, 2013. An application has been made for the listing and quotation of the Notes on the Singapore Exchange. Harvest plans to use the net proceeds of the offering to repay in full Harvest's borrowings of US$390 million under its US$400 million Bridge Loan and for the purpose of the redemption of its $236,579,000 principal amount of its 7.50% convertible unsecured subordinated debentures due in May 2015.
Harvest has consistently maintained a disciplined approach to health, safety and environmental issues and remains committed to operating in a socially responsible manner. We regularly conduct emergency response training and perform safety and environmental audits of our operating facilities.
In closing, we thank all of our stakeholders for your support of and interest in Harvest.
Harvest is a wholly-owned, subsidiary of KNOC. Harvest is a significant operator in Canada's energy industry offering stakeholders exposure to an integrated structure with the exploration, development and production of crude oil and natural gas (Upstream), an oil sands project under construction and development in northern Alberta (BlackGold) and refining and marketing of distillate, gasoline and fuel oil (Downstream) segments. Harvest's outstanding debentures are traded on the TSX under the symbol HTE.DB.G.
KNOC is a state owned oil and gas company engaged in the exploration and production of oil and gas along with storing petroleum resources. KNOC will fully establish itself as a global government-run petroleum company by applying ethical, sustainable and environment-friendly management and by taking corporate social responsibility seriously at all times. For more information on KNOC, please visit their website at www.knoc.co.kr/ENG/main.jsp.
Certain information in this press release, including management's assessment of future plans and operations, contains forward-looking information that involves risk and uncertainty.
Such risks and uncertainties include, but are not limited to, risks associated with: imprecision of reserve estimates; conventional oil and natural gas operations; risks associated with refining and marketing operations; risks associated with the construction of the oil sands project; the volatility in commodity prices, interest rates and currency exchange rates; risks associated with realizing the value of acquisitions; general economic, market and business conditions; changes in environmental legislation and regulations; the availability of sufficient capital from internal and external sources; and, such other risks and uncertainties described from time to time in our regulatory reports and filings made with securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these factors are interdependent, and management's future course of action would depend on our assessment of all information at that time. Please also refer to "Operational and Other Business Risks" in the MD&A and "Risk Factors" in the Annual Information Form for detailed discussion on these risks.
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