Trust Units / Debentures / Debt

Trust Units

Harvest had approximately 180 million trust units outstanding.  The trust units had been listed for trading on the Toronto Stock Exchange (TSX) since December 5, 2002 under the symbol HTE.UN, and since July 21, 2005 on the New York Stock Exchange (NYSE) under the symbol HTE. Due to the arrangement with KNOC the units were delisted December 29, 2009 (TSX) and December 23, 2009 (NYSE)

The trust units traded on the TSX and NYSE are the same security.  The only difference is the trade settlement practices of the exchange and the currency of settlement (trading in Harvest units on the NYSE is done in U.S. dollars).  Canadian unitholders will received their distributions in Canadian dollars, while U.S. unitholders had the Canadian amount converted to U.S. dollars based on the currency exchange rate in effect at the time of payment.  U.S. unitholders will receive their distributions net of the 15% withholding tax.

Bank Debt

  • Covenant based, fully secured, C$600MM facility; 8 banks in syndicate
  • Amended and Extended December 22, 2009
  • Matures April 30, 2010 
  • Interest rate: $C BAs + 75bps

Senior Notes

  • US$250MM issued October 2004 
  • 7 ⅞%, 2011 maturity (first call date Oct. 2008)
  • Incurrence test on new debt (interest coverage >2.5:1.0)
  • Secured debt < 65% of PV10 value of proved reserves

Convertible Debentures

  • 5 Series – average interest rate of 7.1% - average term ~4.2 years
  • C$758MM outstanding - traded on TSX
  • Can be repaid at maturity with equity

TSX: HTE.DB - Matured may 31, 2009 - no longer traded

Interest: 

9% (payable semi-annually on May 31 and November 30)

Conversion price: 

$13.85

Maturity:

May 31, 2009

Full details:

Final prospectus dated January 21, 2004 and filed on SEDAR

TSX: HTE.DB.A - Matured September 30, 2009 - No longer traded

Interest: 

8% (payable semi-annually on March 31 and September 30)

Conversion price: 

$16.07

Maturity:

September 30, 2009

Full details:

Final prospectus dated July 30, 2004 and filed on SEDAR.

TSX: HTE.DB.B

Interest: 

6.5% (payable semi-annually on June 30 and December 31)

Conversion price: 

$31.00

Maturity:

December 31, 2010

Full details:

Final prospectus dated July 20, 2005 and filed on SEDAR.

Change of Control:

Offer to purchase dated January 19, 2010 and filed on SEDAR

TSX: HTE.DB.C - MATURED JANUARY 31, 2008 - NO LONGER TRADED

Interest: 

10.5% (payable semi-annually on January 31 and July 31)

Conversion price: 

$29.00

Maturity:

January 31, 2008

Full details:

Final prospectus dated January 7, 2003 and filed on SEDAR

TSX: HTE.DB.D

Interest: 

6.40% (payable semi-annually on April 30 and October 31, commencing on April 30, 2006)

Conversion price: 

$46.00

Maturity:

October 31, 2012

Full details:

Final prospectus dated October 12, 2005 and filed on SEDAR

Change of Control:

Offer to purchase dated January 19, 2010 and filed on SEDAR

TSX: HTE.DB.E

Interest: 

7.25% (payable semi-annually on March 31 and September 30, commencing on March 31, 2007)

Conversion price: 

$32.20

Maturity:

September 30, 2013

Full details:

Final prospectus dated November 14, 2006 and filed on SEDAR

Change of Control:

Offer to purchase dated January 19, 2010 and filed on SEDAR

TSX: HTE.DB.F

Interest: 

7.25% (payable semi-annually on February 28 and August 31, commencing on August 31, 2007)

Conversion price: 

$27.25

Maturity:

February 28, 2014

Full details:

Final prospectus dated January 25, 2007 and filed on SEDAR

Change of Control:

Offer to purchase dated January 19, 2010 and filed on SEDAR

TSX: HTE.DB.G

Interest: 

7.50% (payable semi-annually on May 31 and November 30, commencing on November 30, 2008)

Conversion price: 

$27.40

Maturity:

May 31, 2015

Full details:

Final prospectus dated April 11, 2008 and filed on SEDAR

Change of Control:

Offer to purchase dated January 19, 2010 and filed on SEDAR