Chicago, June 27 – Energean plc’s subsidiary Energean Israel Finance Ltd. priced an upsized $750 million offering of 8˝% 10-year senior secured notes (Ba3/BB-) at par on Tuesday, a sellside source reported.
Proceeds will be used to repay in full an issue of $625 million of 4˝% senior secured notes due 2024.
The offering had been announced at a $650 million size.
Initial price talk started in the 8 5/8% area.
The issuer may call the notes early with a make-whole premium of Treasuries plus 50 basis points until Sept. 30, 2029. From that date to Sept. 30, 2030, the notes will be callable at 104.25. The notes are callable at par thereafter.
Morgan Stanley & Co. LLC (billing and delivery), J.P. Morgan Securities plc and ING Bank NV, London Branch were the joint global coordinators and joint bookrunners.
They were joined by joint bookrunners Goldman Sachs International, Natixis Securities Americas LLC and I.B.I. – Underwriting & Issuing Ltd.
Distribution will be through Rule 144A and Regulation S.
The notes will be listed in Tel Aviv.
Energean is a London-based hydrocarbon exploration and production company focused on the Eastern Mediterranean region.
| Issuer: | Energean Israel Finance Ltd.
|
| Amount: | $750 million
|
| Issue: | Senior secured notes
|
| Maturity: | Sept. 30, 2033
|
| Bookrunners: | Morgan Stanley & Co. LLC (billing and delivery), J.P. Morgan Securities plc, ING Bank NV, London Branch, Goldman Sachs International, Natixis Securities Americas LLC and I.B.I. – Underwriting & Issuing Ltd.
|
| Coupon: | 8˝%
|
| Price: | Par
|
| Yield: | 8˝%
|
| Call features: | Make-whole call with 50 bps premium, at 104.25 from Sept. 30, 2029 to Sept. 30, 2030; par thereafter
|
| Trade date: | June 27
|
| Settlement date: | July 11
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8 5/8% area
|
| ISIN: | IL0011971442
|
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