Ithaca Energy plans to price $625 million five-year notes

By Rebecca Melvin

Concord, N.H., July 20 – Ithaca Energy (North Sea) plc plans to price $625 million of five-year notes (expected ratings: B3//B) following a global investor call and roadshow, according to a market source on Tuesday.

The notes are non-callable for two years.

Morgan Stanley, BNP Paribas and ING are joint global coordinators and bookrunners of the Regulation S and Rule 144A deal, together with Deutsche Bank, DNB Markets, Lloyds Bank Corporate Markets, NatWest Markets and Wells Fargo Securities also acting as bookrunners.

The proceeds of the offering together with drawings under its amended and restated RBL facility will be used to repay a portion of the company’s subordinated Delek loan and related fees.

The oil and gas exploration and production company is a subsidiary of Israel-based Delek Group Ltd., operating in the U.K. Continental Shelf.

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