Signing of an Agreement for the Financing of the Delek Group Partnerships’ Share in the Costs of Development of the Leviathan Project
Thursday 23 February 2017
Delek Group announces that further to immediate report dated November 27, 2016, with regard to a signature of a Commitment Letter for the signing of a financing agreement, the Compnay provides below an Immediate Report submitted by each of Delek Drilling - Limited Partnership and Avner Oil Exploration - Limited Partnership (jointly the 'Partnerships'), concerning signature of a Commitment Letter for the signing of a financing agreement for limited recourse project financing of the Partnerships' share in the development of the Leviathan project.
Further to the immediate report of November 27, 2016 regarding the signing of a letter of undertaking to sign a financing transaction, notice is hereby given that on February 20, 2017, the financing documents (the "Financing Agreement" or the "Agreement") were signed between the Partnerships and a consortium of local and foreign finance providers headed by HSBC Bank Plc. and J.P. Morgan Limited (collectively: the "Lenders"), whereby a limited recourse loan shall be provided to the Partnerships in the sum of approx. $875 million each (the "Loan"), for the purpose of financing its share in the balance of the investment in the development of the Leviathan project (the "Leviathan Project"). Concurrently with the signing of the Financing Agreement by the Partnerships, a financing agreement was signed under the same terms and conditions and for the same purposes between the Lenders and Partnerships for receipt of a loan in the same amount. The loans to be provided to the Partnerships amount in total to $1.75 billion.
More - http://ir.delek-group.com/phoenix.zhtml?c=160695&p...