Harvest Operation Corp. in $630 Million Guaranteed Notes Offering

May 14, 2013

Cleary Gottlieb represented Barclays, HSBC, BofA Merrill Lynch and RBS, which served as joint bookrunners and lead managers in a Rule 144A/Regulation S offering of $630 million 2.125% notes due 2018 by Harvest Operation Corp., a wholly-owned Canadian subsidiary of Korea National Oil Corporation. The notes were unconditionally and irrevocably guaranteed by Korea National Oil Corporation, and listed on the Singapore Stock Exchange. The transaction priced on May 7 and closed on May 14.

Korea National Oil Corporation was incorporated in 1979 under the Korea National Oil Corporation Act to serve as the executing body for oil-related policies of the Korean Government. It is Korea’s largest oil and gas developer and is wholly owned by the Korean Government.