Placement also includes three-year warrants for 686,761 common shares
By Paul A Harris and Devika Patel
Portland, Ore., Oct. 15 - Harvest Natural Resources, Inc. settled a $79.8 million private placement of 11% senior notes due Oct. 11, 2014 on Oct. 11, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Each note was sold at 96.
Investors also received warrants for 686,761 shares, which are each exercisable at $10.00 for three years. The strike price reflects a 13.51% premium to the closing share price on Oct. 10, $8.81.
Knight Capital Americas LLC and Wunderlich Securities acted as co-lead placement agents on the transaction.
Proceeds will be used for capital expenditures for Gabon and other projects, working capital needs and general corporate purposes.
Harvest Natural Resources is a Houston independent oil and gas exploration and development company.
| Issuer: | Harvest Natural Resources, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $79.8 million
|
| Maturity: | Oct. 11, 2014
|
| Placement agents: | Knight Capital Americas LLC, Wunderlich Securities
|
| Coupon: | 11%
|
| Price: | 96
|
| Warrants: | For 686,761 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $10.00
|
| Settlement date: | Oct. 11
|
| Distribution: | Private placement
|
| Stock symbol: | NYSE: HNR
|
| Stock price: | $8.81 at close Oct. 10
|
| Market capitalization: | $327.62 million
|
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