Demand for recruiting fuel for drilling is already over $ 3.5 billion


Debt Raising of Fuel Drilling Seems like a success. Calcalist has learned that by the end of the week, the foreign banks coordinating the IPO, JPMorgan and HSBC, had received more than $ 3.5 billion in demand – three days before the round. Alongside them were the Israeli underwriters Lider, Valio Base and Barak Capital.

Read more in Calcalist:

The partnership announced last week the raising of $ 2.25 billion in the issuance of bonds to foreign and Israeli institutions. Delek Drilling, managed by Yossi Abu, held 180 presentations a week prior to the raising.

What do you think about the stock of Delek Drilling?

Strong buyPurchasewait onsaleStrong sale

What do the surfers think?

The company is expected to face a dilemma in favoring foreigners and Israelis. The amount will be divided between four series of bonds, which will be repaid in 2023, 2025, 2027 and 2030. The raising is intended to refinance a debt of Delek Drilling, which is expected to repay about $ 1.7 billion this year and to repay another half a billion dollars in 2021. The full rights of Delek Drilling in the Leviathan gas project will be secured, including the holding of 45.34% of Leviathan’s shares, the revenue from the gas sales districts, the joint operating agreement and part of the project’s assets. Delek Drilling has meanwhile extended the repayment dates of existing loans as collateral.

It is estimated that the average interest rate in the four series will be 6.5% -6% per year, but in light of demand it may even fall from it. The issue is expected to close the next day, Tuesday after trading in Tel Aviv, and on Wednesday the Delek Group is expected to raise NIS 163 million in a capital issue as part of the agreement with the bondholders.

Isaac Answer Photo: Eyal Toug


Please enter your comment!
Please enter your name here