Ithaca Energy (North Sea) talks $625 million five-year notes to yield 8¾%-9%; pricing Friday

By Paul A. Harris

Portland, Ore., July 22 – Ithaca Energy (North Sea) plc talked its $625 million offering of five-year notes (B3//B+) to yield 8¾% to 9%, according to a market source.

Books close at 5 p.m. ET on Thursday in the United States and are scheduled to remain open until 5 a.m. ET Friday, whereupon the deal is set to price.

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 notes become callable after two years at par plus 50% of the coupon.

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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