Energean
plc
("Energean" or the
"Company")
Term Loan Signed For $750
Million
London, 3 March 2025 - Energean
plc (LSE: ENOG, TASE: אנאג) is pleased to announce, following the
update provided in its January Trading Statement & Operational
Update on 23 January 2025, that Energean Israel has signed a
10-year, senior-secured term loan with Bank Leumi as the Facility
Agent and Arranger for $750 million.
The term loan will be available to
refinance the 2026 Energean Israel Limited Notes ("EISL") and to provide additional
liquidity for the Katlan development. It has a 12-month
availability period, during which multiple drawdowns can be made,
providing flexibility to optimise finance costs.
Up to $475 million is available in
US dollars and up to $275 million is available in New Israeli
Shekel. The interest rate for the loan is floating and has been set
at competitive levels versus the current bond market.
The term loan is secured on the
assets of Energean Israel, pari passu with the EISL notes,
non-recourse to Energean and has a bullet repayment in
2035.
As a result of this refinancing,
Energean's weighted average life of debt will be around seven years
and the blended cost of debt will be around 7%.
Panos Benos, Chief Financial Officer of Energean,
commented:
"This term
loan demonstrates the confidence in our long-term cash flow
generation, underpinned by our gas contracting strategy in
Israel. It is another example of our ability to swiftly secure significant
liquidity from alternative pools of capital, optimising our
financing costs. This term loan strengthens our financial
resilience and maximises liquidity for the Katlan
development."
Enquiries
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For capital
markets: ir@energean.com
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Kyrah McKenzie, Investor Relations
Manager
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Tel: +44 (0) 7921 210 862
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For media: pblewer@energean.com
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Paddy Blewer, Corporate Communications Director & Head of CSR
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Tel: +44 (0) 7765 250 857
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Forward looking
statements
This announcement contains
statements that are, or are deemed to be, forward-looking
statements. In some instances, forward-looking statements can be
identified by the use of terms such as "projects", "forecasts", "on
track", "anticipates", "expects", "believes", "intends", "may",
"will", or "should" or, in each case, their negative or other
variations or comparable terminology. Forward-looking statements
are subject to a number of known and unknown risks and
uncertainties that may cause actual results and events to differ
materially from those expressed in or implied by such
forward-looking statements, including, but not limited to: general
economic and business conditions; demand for the Company's products
and services; competitive factors in the industries in which the
Company operates; exchange rate fluctuations; legislative, fiscal
and regulatory developments; political risks; terrorism, acts of
war and pandemics; changes in law and legal interpretations; and
the impact of technological change. Forward-looking statements
speak only as of the date of such statements and, except as
required by applicable law, the Company undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise. The
information contained in this announcement is subject to change
without notice.
