Harvest Natural announces closing of a $79.8M term loan facility


Harvest Natural Resources announced its sale of $79.8M aggregate principal amount of 11% senior unsecured notes due Oct. 11, 2014, and warrants to purchase up to 686,761 shares of its common stock with an exercise price of $10.00 per share. The warrants can be exercised at any time up until the three-year anniversary of the closing. If all of the warrants were exercised, the impact on dilution of the common shares outstanding would be 1.8%. The net cash proceeds of the offering to Harvest were approximately $63.2M after deducting the issuance discount off the face value of the notes, placement fees, and other transaction costs. Harvest intends to use the net proceeds of the offering to fund capital expenditures planned for Gabon and other potential projects, for working capital needs and general corporate purposes.

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