Israel-focused Greek firm Energean says it plans to launch bonds worth a total $2.5bn to pay down debt it has accrued through its Energean Israel subsidiary. On 28 February the firm said it intends to offer $2.5bn in senior secured notes in four tranches “which are expected to mature in 2024, 2026, 2028 and 2031.”

The majority of funds raised will go to pay off a $1.45bn project finance facility on Energean’s key Karish field offshore Israel which is due to come online late this year or early next year (MEES, 22 January). It will also be used to pay off a $700mn bridging loan taken out in January to fund its acquisition of private equity firm Kerogen’s remaining 30% stake in Energean Israel as well as Phase-2 of Karish development (MEES, 19 February). (CONTINUED - 151 WORDS)