Energean Prices $2.5bn Bond Offering
Mediterranean-focused producer Energean has priced the $2.5bn in senior notes it plans to offer to pay down existing debts, the company reported in a stock filing on March 10.
The notes will be offered in four $625mn series. The first series matures on March 30, 2024, and carries a fixed annual interest rate of 4.5%, the second matures on March 30, 2026, and has a rate of 4.875%, the third matures on March 30, 2028, and has a 5.375% rate and the final one matures on March 30, 2031, and has a 5.875% rate. Interest on the notes will be paid twice a year on March 30 and September 30.
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The issue is expected to be completed on March 24. The funds raised will be used to repay a $1.45bn outstanding project finance facility and a $700mn term loan, among other purposes.
Energean recently took final investment decisions on two new upstream projects: the Karish North gas field off Israel and a subsea tieback project at the North El Amriya (NEA) and North Idkunea (NI) concession offshore Egypt. It has also agreed to buy out its partner offshore Israel, Kerogen, for about $400mn.