Harvest to call 7 7/8% notes after tender; $178.34 million is tendered

By Devika Patel

Knoxville, Tenn., Oct. 4 - Harvest Operations Corp. said that as of 5 pm. ET on Sept. 30, the consent deadline of its previously announced cash tender offer and consent solicitation, holders had tendered $178.34 million of the company's 7 7/8% senior notes due 2011, or about 86% of the outstanding principal.

The company said it will use the proceeds from a $500 million offering of 6 7/8% senior notes due 2017, which settled Monday, to fund the tender offer and consent solicitation for the 7 7/8% notes.

Harvest said it would call any notes that remain outstanding following the tender. The company will redeem those notes on Oct. 19.

Harvest is a Calgary, Alta.-based oil and gas producer and a wholly owned subsidiary of state-owned Korea National Oil Co.

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