Delek Royalties issues $113m bond - GLOBES

23 May, 2018 15:44
Kobi Yeshayahou

The first stage in Delek Royalties' two-stage offering was completed yesterday with the company raising $113 million (NIS 404 million) in the bond issue for investment institutions. Demand totaled NIS 900 million. Leading investment institutions took part in the issue, led by Leader Underwriters and Excellence Nessuah Underwriting.

Delek Royalties is a special purpose vehicle (SPV) founded by Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, in order to absorb the super royalties from the Tamar natural gas reservoir to which Delek Group's Delek Energy subsidiary is entitled.
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The interest on the 4.7-year dollar-denominated bonds, rated Aa3 with a stable outlook by Midroog, was set at 5.48%.

Tamar Petroleum raising NIS 2.2b more on TASE - GLOBES

22 Feb, 2018 6:29

Omri Cohen

Yesterday's announcement of the agreement for exporting natural gas from Israel to Egypt is putting wind into the sails of the second bond issue by Tamar Petroleum, which own the Tamar natural gas reservoir. The Midroog rating company today announced that it had issued an A1 rating for up to NIS 2.178 billion in the Series B bonds to be issued by Tamar Petroleum. The rating is the same as for Tamar Petroleum's NIS 2.3 billion issue of Series A bonds last year.

Tamar Petroleum intends to use the amount to be raised to buy 7.5% of the rights in the Tamar reservoir from US company Noble Energy. The $800 million deal includes a $560 million cash payment, with the rest consisting of an allocation of shares, which will amount to 43.5% of Tamar Petroleum's share capital.

Midroog said that the bond issue would reach up to $605 million, but that any amount raised in excess of $560 million would be deposited in a special fund for early repayment of or buying back bonds.