World news – Energean plans to offer a US $ 2.50 billion bond offering to repay debt

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(Alliance News) – Energean PLC announced on Monday a $ 2.50 billion promissory note offer aimed, among other things, at repaying existing debt.

The FTSE 250-listed oil and gas company announced that iEnergean Israel Finance Ltd intends to offer its $ 2.50 billion senior secured notes in four tranches with maturities of 2024, 2026, 2028 and 2031.

The fresh cash will be used to repay outstanding debts under a $ 1.45 billion project finance facility and a $ 700 million loan, as well as to replace existing undrawn amounts under the These facilities are available.

The money will help « fund a specific reserve account » as well as cover transaction costs. It will also be used for general corporate purposes, said Energean.

« The offer follows a thorough assessment of the Group’s options for the project finance facility and term loan refinancing, as previously communicated to the market, and is the result of positive feedback the recent no-close roadshow. The group will announce the pricing of the offering before it closes when the offering reaches the pricing tier, « said Energean.

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