Ithaca Secures $500mn Debt For Chevron Deal

UK-based Ithaca Energy said on July 19 it has agreed the sale of $500mn in senior unsecured debt notes to fund its purchase of Chevron’s North Sea oil and gas business.

The deal should be finalised on or around August 1, the subsidiary of Israel’s Derek Group said in a statement. The notes are due in 2024, with interest payable semi-annually.

Ithaca struck a deal in May to buy Chevron’s stakes in ten producing oil and gas fields in the North Sea for $1.65bn. Earlier this month the company said it intended to hold a larger debt offering of $700mn of notes to bankroll the acquisition.