Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Israel's Ratio Oil refinances bank debt with new $650 million loan

Published 08/10/2020, 03:03 AM
Updated 08/10/2020, 03:05 AM
© Reuters.

TEL AVIV (Reuters) - Israel's Ratio Oil Exploration (TA:RATIp) said on Monday it refinanced its bank debt with a new seven-year dollar loan of $650 million.

The loan, bearing interest of LIBOR plus 3.5%, is provided by a consortium of eight banks, including HSBC Plc, BNP Paribas (OTC:BNPQY), ING Bank NV, Natixis, Société Générale, Nedbank, Mizrahi Tefahot, and Hapoalim.

Ratio is planning to withdraw $480 million in the first stage, which it will use to repay a $450 million loan it took to fund the company's share in the development of the first stage of the Leviathan natural gas field off Israel's Mediterranean coast.

It will use the remaining loan for the future development of Leviathan, which started production at the end of 2019.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.