1st Mar 2021 10:03
(Alliance News) - Energean PLC on Monday announced a USD2.50 billion note offering aimed at, among other things, repaying existing debt.
The FTSE 250-listed oil and gas firm said iEnergean Israel Finance Ltd intends to offer the USD2.50 billion senior secured notes in four tranches maturing 2024, 2026, 2028, and 2031.
The fresh cash will be used to repay outstanding debt under a USD1.45 billion project finance facility and USD700 million term loan, as well as to replace existing undrawn amounts available under these facilities.
The money will help "fund certain reserve account" as well as assisting with transaction expenses. It will be used for general corporate purposes as well, Energean said.
"The offering follows a thorough evaluation by the group of the options available for the refinancing of the project finance facility and the term loan, as had previously been communicated to the market, and following positive feedback from its recent non-deal roadshow. The group will announce the pricing of the offering prior to its completion, if the offering reaches the pricing stage," said Energean.
Shares in Energean were up 1.5% at 917.50 pence in London on Monday morning.
By Anna Farley; [email protected]
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