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Published on 7/7/2005 in the Prospect News Convertibles Daily.

New Issue: Harvest Energy sells C$75 million 6.5% convertibles

New York, July 7 - Harvest Energy Trust priced a C$75 million offering of convertible extendible unsecured subordinated debentures with a 6.5% coupon and a C$31.00 conversion price.

National Bank Financial Inc. is lead underwriter for the bought deal, which was not registered for sale in the United States.

The Calgary, Alta., oil and natural gas trust also sold 6,505,600 subscription receipts for trust units at C$26.90 each for proceeds of C$175 million.

Proceeds from the sales will be used to reduce bank debt incurred to fund the property acquisition announced on June 24 and for general corporate purposes.

The convertibles will mature on Sept. 30, 2005 but will automatically extend to Dec. 31, 2010 on closing of the acquisition.

Issuer:Harvest Energy Trust
Issue:Convertible extendible unsecured subordinated debentures
Amount:C$75 million
Maturity:Dec. 31, 2010 (if extended, otherwise Sept. 30, 2005)
Coupon:6.5%
Conversion price:C$31.00
Pricing date:July 7
Settlement:Aug. 2

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