Global Bond Issuance
According to industry sources, Canada-based Harvest Operations Corp., a subsidiary of the Korea National Oil Corporation (KNOC), issues U.S. dollar-denominated global bonds worth a total of US$200 million on November 2. The bonds mature in September 2022.
Two months ago, Harvest Operations Corp. issued global bonds worth US$280 million in total. The KNOC stands surety as it did two months ago. The money raised from the bonds is scheduled to be spent on oil sand development in Canada and corporate management.
In the meantime, Moody’s and S&P said in their reports that the issuing of the bonds will not affect the credit rating of the KNOC.
At present, the credit rating of the KNOC is Aa2 Stable and AA Stable in Moody’s and S&P, respectively. Headquartered in Calgary, Canada, Harvest Operations Corp. is a fully-owned subsidiary of the KNOC that is engaged in oil and natural gas production.