Moody's Harvest unaffected by tap offering

Moody's Investors Service said the Aa2 rating on Harvest Operations Corp.'s backed senior unsecured notes, which are guaranteed by parent company Korea National Oil Corp. (KNOC), are unaffected by the company's proposed tap bond offering of $200 million on the existing $285 million guaranteed senior unsecured note due September 2022.

The proceeds from the tap bond offering will be to fund the completion and commissioning of its BlackGold oil sands project and for general corporate purposes, Moody's said.

The Aa2 rating on Harvest's backed senior unsecured notes continues to reflect the unconditional and irrevocable guarantee from KNOC, the agency said.

Harvest Operations is a Calgary-based oil and natural gas company and wholly-owned subsidiary of Korea National Oil Corp., Moody's said.

Harvest produces about 25,000 barrels of oil equivalent per day, net of royalties, the agency noted.

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