Chicago, Nov. 11 – Energean plc priced an upsized $450 million of 6½% senior secured notes due 2027 (B/B+), according to an announcement.
The notes priced at par. The issue size was launched at $400 million.
The notes come with two years of call protection.
The bookrunners include J.P. Morgan Securities plc, ING, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs International, Morgan Stanley, Natixis and Poalim IBI.
Energean intends to use proceeds from the Rule 144A and Regulation S deal to repay and cancel all commitments made available under some of its existing debt facilities, including the Egypt reserve-based lending facility and the Greek reserve-based lending facility plus subordinated debt. Proceeds will also be used to pay fees and expenses related to the new notes and for general corporate purposes.
The notes will be listed on The International Stock Exchange.
Energean is a London-based hydrocarbon exploration and production company focused on the Eastern Mediterranean region.
| Issuer: | Energean plc
|
| Issue: | Senior secured notes
|
| Amount: | $450 million
|
| Maturity: | 2027
|
| Bookrunners: | J.P. Morgan Securities plc, ING, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs International, Morgan Stanley, Natixis and Poalim IBI
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Call features: | Non-callable for two years
|
| Trade date: | Nov. 11
|
| Settlement date: | Nov. 18
|
| Ratings: | S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
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