Energean Group offers $ 2.5 billion in bonds

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An Israeli financial subsidiary of British oil and gas company Energean hired White & Case …

An Israeli financial subsidiary of British oil and gas company Energean has contracted White & Case to a $ 2.5 billion offer of high yield senior secured notes.

Energean Israel Finance‘s bond offering is the largest high-yield energy offering ever outside the United States. It will provide Energean with financing to complete construction of its Israeli offshore Karish and Tanin gas fields, which are expected to start producing gas in the fourth quarter of this year.

The notes, which were priced on March 10, are expected to be listed on TACT Institutional of the Tel Aviv Stock Exchange, the securities trading platform between institutional investors.

The proceeds of the offering are pending release, subject to obtaining certain Israeli regulatory approvals. Once released, Energean plans to use the proceeds not only for the development of its Israeli assets, but also to repay outstanding debts under a $ 1.45 billion project facility and loan. term of $ 700 million. The company also intends to replace existing unused funds available under these loans.

JP Morgan and Morgan Stanley acted as joint global coordinators and joint lead bookkeepers of the offering, BNP Paribas, Credit Suisse, ING and Natixis acting as joint bookkeepers. Pareto Securities and Poalim IBI acted as co-managers.

Leading the White & Case team on Energean’s latest bond offer, partner Gilles Teerlinck, who described the offer in a press release as “important and revolutionary”, as well as “another important milestone for this successful group as it completes the development of its flagship assets in Israel.

White & Case partner Allan Taylor, who has led the advisory team on a number of past transactions carried out by Energean, highlighted the strong relationship between the company and Energean. He also underlined the firm’s involvement in the Energean project acquisition of Energean Israel of Kerogen in December of last year, and Energean’s $ 750 million acquisition of Edison’s exploration and production business, which closed the same month.

Energean was also advised by White & Case on its IPO on the London Stock Exchange in March 2018.

White & Case’s advisory team acting on the bond offering included Taylor, as well as his partner Jill Concannon. Partners Anna Soroka and Kelly Trueman assisted the partners, while the London team advising on the financing aspects of the deal’s project was led by partner Tom Bartlett, who was supported by partners Radhika Wason and Sara Nehring .

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