Greece's Energean raises $1.27 billion for Israeli gas fields - WORLD OIL / BLOOMBERG

MAR/5/2018

By PAUL TUGWELL

ATHENS (Bloomberg) -- Energean Oil & Gas, Greece’s only energy explorer and producer, said it signed a financing agreement with Morgan Stanley and other banks for $1.27 billion to finance development of two natural gas fields off the coast of Israel.

Natixis SA, Bank Hapoalim and Societe Generale are also part of the deal, with first gas from Israel’s Karish field expected in early 2021, Energean said Monday in an emailed statement. The Athens-based producer may export surplus gas from Karish and a second deposit, Tanin, that it can’t sell in Israel, using planned or existing pipelines in the eastern Mediterranean region, Chief Executive Officer Mathios Rigas said by phone from London.

“The agreement is a big milestone,” Rigas said. “We are rapidly advancing the Karish and Tanin development.”

The race to develop offshore energy resources in the eastern Mediterranean has accelerated since Israel discovered the Leviathan and Tamar gas fields. Egypt is developing the giant Zohr field, with help from Italy’s Eni SpA, while Cyprus plans to produce from at least two gas deposits and Lebanon is seeking undersea reservoirs of its own. Together, the finds position the region as a potential gas-producing hub on Europe’s doorstep.

Greek Energy Firm Secures $1.25b to Develop Two Israeli Natural Gas Fields - HAARETZ / REUTERS

Feb 27, 2018 8:53 PM

The Greek energy firm Energean has secured $1.25 billion in funding for the development of two natural gas fields offshore Israel, the company’s CEO said Tuesday. The company signed commitment letters with Morgan Stanley, French investment bank Natixis and Israel’s Bank Hapoalim, CEO Mathios Rigas told an energy conference in Tel Aviv, according to an official transcript. It’s unusual for institutions to lend money for an energy project, but Energean has lined up anchor customers for its gas, so the risk is relatively low. The company estimates it will cost $1.6 billion to put the two fields into production. Energean hopes to begin production at the Karish and Tanin fields, which contain an estimated 2.4 trillion cubic feet of natural gas, in 2021. The company is also planning to raise $500 million in an initial public offering in London and may dual-list its shares on the Tel Aviv Stock Exchange. (Reuters)

Israeli bank eyes Energean gas field development project - KATHIMERINI /REUTERS

10.01.2018 : 20:36

Bank Hapoalim wants to take a more active role in Israel’s growing natural gas sector and hopes to lead funding for two offshore gas fields being developed by a Greek energy firm, a bank official said on Wednesday.

Greece’s Energean has said it expects to spend up to $1.5 billion to tap the Karish and Tanin fields, which are situated off Israel’s coast and have combined gas reserves estimated at 2.4 trillion cubic feet.

“Until today, Bank Hapoalim, and the local financing market in general, have given funds as part of a consortium, but never leading it,” said Itamar Furman, who manages the energy sector at Hapoalim, Israel’s biggest bank.

Petrochemicals rolling Hapoalim debt onto investors - GLOBES

David Federman

4 Sep, 2017 17:51
Nitzan Cohen

The company is trying to raise NIS 290 million from the public.

Israel Petrochemical Enterprises Ltd. (TASE:PTCH), controlled by David Federman and Alex Pesel, today received approval from the prime minister and minister of finance to attach Oil Refineries Ltd.(TASE:ORL) shares currently encumbered in favor of Bank Hapoalim(TASE: POLI) in favor of holders of bonds to be issued this Wednesday.

The bond issue terms state that Israel Petrochemical is seeking to raise NIS 290 million from the public at an interest rate to be determined in a tender. The maximum interest rate will be 7.35% - a spread of 690 points from the corresponding interest rate on risk-free bonds. The duration of the bonds will be 3.7 years.

The new series of bonds to be issued will be backed by a senior lien on Oil Refineries shares to be released from a lien in favor of Bank Hapoalim and the Bereshit fund after the debt to these firms is paid. Interest on the new bonds will be paid yearly on September 30 in 2018-2021.