Ithaca Launches Offering of $625,000,000 Senior Notes Due 2026

Source: www.gulfoilandgas.com 7/20/2021, Location: Europe

Ithaca Energy Limited ("Ithaca") announces that its wholly owned subsidiary Ithaca Energy (North Sea) plc (the "Company") has commenced an offering of an aggregate principal amount of $625 million senior notes due 2026 (the "Notes") and that Ithaca Energy (UK) Limited has received $1,225 million of contingent commitments in respect of its amended and restated reserves based lending facility agreement maturing in July 2026. The Notes will be senior obligations of the Company and will be guaranteed on a senior basis by Ithaca and on a senior subordinated basis by certain of Ithaca's subsidiaries.

The gross proceeds from the offering of the Notes will be used, together with the drawings under the reserves based lending facility to: (i) redeem the Company's existing $500 million aggregate principal amount of 9?% senior notes due 2024 in full, (ii) make a partial repayment of a shareholder loan to Delek Group Ltd. (in the amount of $250 million), and (iii) pay underwriting fees, commissions, discounts and other transaction costs and professional fees in connection with, or related to, the transactions.


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