Milbank Advises Initial Purchasers in Connection with Energean’s US$750M High Yield Bond Offering and US$350M Term Loan Facility

Milbank LLP represented the initial purchasers, led by Morgan Stanley & Co LLC, J.P. Morgan Securities Plc and ING Bank N.V., London Branch, in connection with Energean Israel Finance Ltd.’s (“Energean”) offering of US$750 million 8.500% senior secured notes due 2033 (the “Offering”). The initial purchasers also included Goldman Sachs International, Natixis Securities Americas LLC and I.B.I. Underwriting & Issuing Ltd. Milbank LLP also advised on the US$350 million term loan facility entered into between, among others, Energean plc as borrower and certain banks as mandated lead arrangers.

The proceeds from the Offering will be used to invest in certain petroleum rights of the sponsor, refinance certain outstanding indebtedness and top up reserve accounts.

Energean is a leading hydrocarbon exploration and production company operating in Israel, with a focus on natural gas. The Energean group’s flagship assets are the multi-trillion cubic feet deep-water Karish Main, Karish North, Olympus Area and Tanin gas fields, each located off the shore of Israel.

The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis and Sarbajeet Nag, special counsel Trevor Truman, and associates Christopher Smith, Chara Makrygianni, Vasujith Ram, Dimitris Krokos and Alexandros Makris. The team also included Project, Energy and Infrastructure Finance partner Chris Taufatofua, special counsel Kilian de Cintré, associate Jacob Panagi, and international attorney Graziela Legatti, London Tax partner Russell Jacobs, New York Tax partner Eschi Rahimi-Laridjani, special counsel Craig Cohen, and associate Michelle Song.