Korea National Oil's Harvest acquisition includes notes tenders

New York, Oct. 21 - Korea National Oil Corp. will carry out a tender offer for Harvest Energy Trust's convertible debentures and 7 7/8% senior notes due 2011 as part of its acquisition of the company.

The offer is required by the terms of the indentures and will be at 101% of par plus accrued interest for each series of debt.

Korea National Oil will begin the tenders within 30 days of closing on the acquisition.

The acquisition, announced late Wednesday, is at C$10.00 per unit, or a total of C$1.8 billion.

Harvest Energy is an investment trust based in Calgary, Alta., that develops petroleum and natural gas properties.

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