By Rebecca Melvin
New York, March 10 – Energean plc announced its subsidiary, Energean Israel Finance Ltd., priced $2.5 billion of senior secured notes in four equal parts due 2024, 2026, 2028 and 2031 (Ba3/BB-) at par, according to two notices published by the London Stock Exchange on Wednesday.
The tranches are each $625 million in size and they are non-callable. The 2024 notes have a fixed rate of 4˝%. The 2026 notes have a fixed rate of 4 7/8%. The 2028 notes have a fixed rate of 5 3/8%, and the 2031 notes have a fixed rate of 5 7/8%.
J.P. Morgan Securities plc, Morgan Stanley, BNP Paribas, Credit Suisse, ING and Natixis were bookrunners of the Rule 144A and Regulation S notes.
The proceeds will be used to repay outstanding debt under the company’s and its subsidiaries’ $1.45 billion project finance facility and a $700 million term loan.
Proceeds will also be used to replace existing undrawn amounts under those facilities.
Certain reserve accounts will be funded out of the offering, and proceeds may also be used for general corporate purposes.
The notes are expected to be listed on the TACT Institutional of the Tel Aviv Stock Exchange Ltd.
Energean is the leading independent, gas-focused E&P company in the Eastern Mediterranean, based in London.
| Issuer: | Energean Israel Finance Ltd.
|
| Obligor: | Energean plc
|
| Issue: | Senior secured notes
|
| Amount: | $2.5 billion
|
| Bookrunners: | J.P. Morgan Securities plc, Morgan Stanley, BNP Paribas, Credit Suisse, ING and Natixis
|
| Pricing date: | March 10
|
| Issuance date: | March 24
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Three-year notes
|
| Amount: | $625 million
|
| Maturity: | March 30, 2024
|
| Coupon: | 4˝%
|
| Price: | Par
|
| Yield: | 4˝%
|
| Calls: | Non-callable
|
|
|
| Five-year notes
|
| Amount: | $625 million
|
| Maturity: | March 30, 2026
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Calls: | Non-callable
|
|
|
| Seven-year notes
|
| Amount: | $625 million
|
| Maturity: | March 30, 2028
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Calls: | Non-callable
|
|
|
| 10- year notes
|
| Amount: | $625 million
|
| Maturity: | March 30, 2031
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Calls: | Non-callable
|
|
|
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