Harvest Operations refinanced $1 billion through the closing of a new term loan with Export-Import Bank of Korea and the restructuring of an existing credit facility.

Export-Import Bank of Korea provided Harvest $500 million through a three-year fixed rate term loan.

Proceeds were used to repay credit facility borrowings. In addition, Harvest entered into a new three-year $500 million revolving credit facility with a syndicate of banks.

The new term loan and amended credit facility replace the company’s $1 billion revolving credit facility which was to mature in April of this year.

Both the term loan and new syndicated revolving credit facility are guaranteed by Korea National Oil, of which Harvest is a wholly-owned subsidiary. The new syndicated revolving credit facility is secured by a first floating charge over all of the assets of Harvest and its material subsidiaries and contains no financial covenants.

Harvest is a significant operator in Canada’s energy industry offering stakeholders exposure to exploration, development and production of crude oil and natural gas and an oil sands project under construction and development in Northern Alberta.

Korea National Oil is a state-owned oil and gas company engaged in the exploration and production of oil and gas along with storing petroleum resources.