Energy Partnership Ratio Oil Exploration refinanced it's bank debt

Energy Partnership Ratio Oil Exploration has announced the completion of refinancing of its bank debt, which was taken at the time for the development of the Whale Project. According to Ratio, the refinancing includes a new dollar loan for 7 years with a limit of about $ 650 million and an interest rate of LIBOR + 3.5%. The partnership also claims that the new loan will be provided by a consortium of 8 leading international and Israeli banks, which include HSBC Bank Plc, BNP Paribas, ING Bank N.V., Natixis, Société Générale, Nedbank, Bank Mizrahi Tefahot and Bank Hapoalim.
The structure of the loan will allow flexibility for the partnership with the "Grace" period for the first three years on loan principal payments and the "balloon" balance that will not exceed a total of $ 300-350 million at the end of the period. The partnership can also reduce the loan framework, as well as repay part or all of it in early repayment, throughout the loan period and without penalties. The move comes after the completion of refinancing of its partner in the Delek Drilling Reservoir, which issued four bond series (Whale Bond) at the beginning of the month, amounting to about $ 2.25 billion.
Ratio holds 15% of the Whale Reservoir, along with Delek Drilling (45%) and Noble Energy (40%, with the expectation of transferring the holdings to Chevron). Berzio points out that they will initially withdraw about $ 480 million from the new loan framework, for the purpose of repaying an existing loan (about $ 450 million), which was taken to finance Ratio's share in the development of Phase 1A of Whale, as well as to finance the loan and interest. Accumulated (about $ 30 million). The balance of the funding framework will be used for the future development and expansion of the Whale Project and the repayment of the partnership's debts in connection with the Whale Project.
Shai Levy, CEO of Ratio Maimon, said: "Despite the challenging period and the instability in the markets due to the Corona crisis, we were able to achieve an attractive financing agreement with the help of the banks that have accompanied us since the beginning of the development of the Whale project." "The refinancing is an important milestone for Ratio, with an expression of trust in Ratio and the Whale project, including the cash flow that is expected to flow to Ratio from the first phase of the project and the potential for future expansion of the reservoir."
The refinancing procedure for Ratio was accompanied by the law firm of Freshfields from England, as well as Adv. Dan Hacohen and Adv. Daniel Skel of the firm of Agmon Rosenberg Hacohen. The lending banks were accompanied by CMS from England and Adv. Simon Weintraub from Yigal Arnon