Moody's assigns Ba3 Energean Israel notes

Moody's Investors Service said it assigned Energean Israel Finance Ltd.’s planned $650 million of senior secured notes due 2033 a Ba3 rating. The issuer is a special-purpose vehicle owned by Energean Israel Ltd. and issues notes secured by first-priority fixed and floating pledges on certain assets of Energean Israel.

“The Ba3 rating is in line with that of the existing senior secured notes, reflecting their pari passu ranking and substantially similar terms. Like the existing 2024 and 2026 notes, the new notes include a requirement to fund the principal reserve fund to 50% of the principal amount, twelve months before maturity. They differ in this respect from the existing 2028 and 2031 notes, which require 75% funding of the principal reserve fund, 18 months before maturity,” Moody’s said in a press release.

The new notes will be used to refinance $625 million of 4.5% senior secured notes maturing in March 2024.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.