S&P gives Energean Israel notes BB-

S&P said it gave preliminary BB- with 2 recovery ratings to Energean Israel Finance Ltd.’s planned $2.5 billion of senior secured notes. Energean will sell the notes in maturities of 2024, 2026, 2028 and 2031.

The proceeds will be lent to parent Energean Israel Ltd. (EISL) to refinance field development debt, fund additional capital expenditure, cover the purchase by Energean Ltd.’s parent of the full ownership stake in EISL and finance other corporate purposes.

Most of the construction risk will be transferred to TechnipFMC under an agreement with a security package, S&P said.

The outlook is stable.

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