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Harvest begins tender offer, consent solicitation for 7 7/8% notes
By Marisa Wong
Madison, Wis., Sept. 17 - Harvest Operations Corp. announced that it started a cash tender offer and consent solicitation for any and all of its $209.6 million of 7 7/8% senior notes due 2011.
The offer will expire at 11:59 p.m. ET on Oct. 15.
Holders who tender their notes and provide their consents to the proposed amendments to the indenture governing the notes prior to the consent payment deadline of 5 p.m. ET on Sept. 30 will receive the total consideration equal to $1,003.50 per $1,000 principal amount of notes, which includes a consent payment of $20.00 per $1,000 principal amount of notes
The offer may have an early settlement option, so that holders whose notes are tendered prior to the consent payment deadline and accepted for purchase could receive payment as early as Oct. 4.
Holders who tender their notes after the consent payment deadline but on or prior to the expiration date will receive the tender offer consideration equal to $983.50 per $1,000 principal amount of notes.
The company will also pay accrued interest up to but excluding the applicable payment date.
Following the receipt of the consent of the holders of at least a majority in total principal amount of the outstanding notes, Harvest will execute a supplemental indenture effecting the proposed amendments.
Except in certain circumstances, notes tendered and consents delivered may be withdrawn at any time prior to the earlier of 5 p.m. ET on Sept. 30 and the date and time of execution of the supplemental indenture.
Bank of America Merrill Lynch (888 292-0070 or 980 388-9217) and HSBC (888 472-2456 or 212 525-5552) are the dealer managers and solicitation agents for the offer. MacKenzie Partners, Inc. (800 322- 2885) is the information agent.
Harvest is a Calgary, Alta.-based oil and gas properties operator.
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