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