Energean Plc intends to offer $2.5 billion senior secured notes

LONDON: Energean Plc’s subsidiary Energean Israel Finance Ltd. intends to offer US$2.5 billion aggregate principal amount of four tranches of senior secured notes, which are expected to mature in 2024, 2026, 2028 and 2031.

The net proceeds from the proposed offering of the Notes are expected to be used:

· to repay outstanding indebtedness under Energean’s and its subsidiaries’ (collectively, the “Group”) US$1.45 billion project finance facility and a US$700 million term loan;

· to replace the existing undrawn amounts available under those facilities;

· to fund certain reserve accounts; and

· for transaction expenses and the Group’s general corporate purposes.

The Offering follows a thorough evaluation by the Group of the options available for the refinancing of the project finance facility and the term loan, as had previously been communicated to the market, and following positive feedback from its recent non-deal roadshow. The Group will announce the pricing of the Offering prior to its completion, if the Offering reaches the pricing stage.

The management of the Group intends to hold a global roadshow with institutional investors in connection with the Offering.

If issued, the Notes are expected to be listed for trading on the TACT Institutional of the Tel Aviv Stock Exchange Ltd. (TASE), subject to the approval of the TASE.

Energean plc is an international exploration and production company, with focus on gas. It is listed on the London Stock Exchange as well as the Tel Aviv Stock Exchange and is a constituent of the FTSE 250 Index.

www.energean.com

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