Business
Completion of bond offering
Completion of bond offering.
About this update from Energean Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2523T\n Energean PLC\n 24 March 2021\n \n \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT IS NOT BEING MADE IN, AND COPIES OF IT MAY NOT BE DISTRIBUTED OR SENT, DIRECTLY OR INDIRECTLY, INTO THE UNITED STATES (EXCEPT THAT IT MAY BE SENT IN THE UNITED STATES DIRECTLY TO QUALIFIED INSTITUTIONAL BUYERS, AS DEFINED IN RULE 144A UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, THAT ARE QUALIFIED PURCHASERS (AS DEFINED IN SECTION 2(a)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED)), CANADA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL.\n \n \n \n \n \n \n Energean PLC \n \n \n announces\n \n \n \n closing of an offering of US$2,500,000,000 senior secured notes by its subsidiary, Energean Israel Finance Ltd.\n \n \n \n \n \n \n \n March 24, 2021\n \n \n Energean PLC (\"Energean\")\n \n (LSE: ENOG, TASE: \n \n א\n \n ) is pleased to announce that its subsidiary, Energean Israel Finance Ltd. (the \"Issuer\"), has today (the \"Issue Date\") completed the issuance of US$2.5 billion aggregate principal amount of senior secured notes (the \"Notes\"), as previously announced on February 28, 2021 and March 10, 2021. \n \n \n The Issuer has deposited the gross proceeds of the offering of the Notes (the \"Offering\") into a segregated escrow account until the date that certain escrow release conditions are satisfied. Among other things, the escrow release conditions include the receipt of regulatory approvals and registration of certain pledges. \n \n \n Upon satisfaction of the escrow release conditions and release of the proceeds of the Offering from escrow, the proceeds from the Offering are expected to be used:\n \n \n · \n to repay outstanding indebtedness under Energean's and its subsidiaries' (collectively, the \"Group's\") US$1.45 billion project finance facility and a US$700 million term loan;\n \n \n · \n to replace the existing undrawn amounts available under those facilities; \n \n \n · \n to fund certain reserve accounts; and\n \n \n · \n for transaction expenses and the Group's general corporate purposes. \n \n \n If the escrow release conditions are not satisfied on or prior to 30 calendar days following the Issue Date (the \"Initial Outside Date\"), the Notes will be redeemed in full at a price equal to 100% of the aggregate issue pric...