Ithaca Energy receives commitments for $1.23 billion revolver

Chicago, July 23 – Ithaca Energy Ltd. subsidiary Ithaca Energy (UK) Ltd. has received contingent commitments for a $1.225 billion amended and restated reserves-based lending facility agreement, according to an announcement.

Interest is Libor plus 350 basis points on amounts undrawn at closing.

The facility matures July 2026.

Proceeds will be used with a $625 million notes offering that priced on Friday to redeem the company’s existing $500 million 9 3/8% senior notes due 2024 in full and make a partial repayment of a shareholder loan to Delek Group Ltd. in the amount of $25 million.

Ithaca Energy is an oil and gas exploration and production company, a subsidiary of Israel-based Delek Group Ltd.

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