S&P gives Energean Israel notes BB-

S&P said it preliminarily assigned BB- issue and 2 recovery ratings to Energean Israel Finance Ltd.’s planned $650 million of senior secured notes due 2033. The 2 recovery rating indicates a recovery of 70%-90% if Energean defaults.

The BB- issue and 2 recovery ratings on Energean’s outstanding notes. The issuer is a limited-purpose vehicle for Energean Israel Ltd.

The issuer will use the proceeds to fully refinance its $625 million notes due March 2024. The new debt will rank equally with Energean’s remaining $1.875 billion of senior secured notes, which will mature between March 2026 and March 2031.

The outlook is stable.

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