Harvest Operations gets $400 million senior unsecured credit facility

By Susanna Moon

Chicago, March 15 - Harvest Operations Corp. said it closed a $400 million senior unsecured credit facility Friday with a syndicate of four lenders.

The credit facility will terminate six months from the initial drawdown, according to a company press release.

Proceeds will be used to redeem the company's C$330,548,000 principal amount of 7.25% convertible unsecured subordinated debentures due Sept. 30, 2013 as well as its 7.25% convertible unsecured subordinated debentures due Feb. 28, 2014.

The issuer is a Calgary, Alta.-based oil and gas producer, and a wholly owned subsidiary of Korea National Oil Corp., which will guarantee the credit facility.

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