By Rebecca Melvin
New York, Feb. 11 - Harvest Natural Resources Inc. priced $32 million of three-year convertible senior notes via placing agent Lazard Capital Markets LLC and co-placing agent Madison Williams and Co. LLC at par to yield 8.25% with an initial conversion premium of 30%, according to a news release.
The registered, direct offering is convertibles into shares of common stock at a conversion rate of 175.2234 shares per $1,000 of convertible notes, which equals a conversion price of about $5.71 per share.
The notes are provisionally callable for the life of the bond if the notes exceed 150% of the conversion price for at least 20 trading days out of 30.
Proceeds are to be used to fund capital expenditures, to fund working capital needs and for general corporate purposes.
Closing is set for Feb. 17.
Harvest Natural Resources is a Houston independent oil and gas exploration and development company.
| Issuer: | Harvest Natural Resources Inc.
|
| Issue: | Convertible senior notes
|
| Amount: | $32 million
|
| Maturity: | March 1, 2013
|
| Coupon: | 8.25%
|
| Price: | Par, $1,000
|
| Yield: | 8.25%
|
| Conversion premium: | 30%
|
| Conversion price: | $5.71
|
| Conversion ratio: | 175.2234
|
| Provisional call: | Provisionally callable for the life of the notes subject to a 150% hurdle
|
| Placing agent: | Lazard Capital Markets LLC
|
| Co-placing agent: | Madison Williams and Co. LLC
|
| Pricing date: | Feb. 11
|
| Settlement date: | Feb. 17
|
| Distribution: | Registered, direct
|
| Stock symbol: | NYSE: HNR
|
| Stock reference price: | $4.39
|
| Market capitalization: | $145.7 million
|
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