Delek completes repayment of bank debts

Yitzhak Tshuva  / Photo: Gidon Levin

Delek Group will now issue bonds worth $151 million against royalties from the Leviathan gas field.

Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, has announced that it has completed the early repayment of all its debts to the banks, which totaled about NIS 1.2 billion, as of March 2020.

Delek also announced that following the completion of a deal to take debt against $180 million worth of royalties from the Leviathan gas field, it will make a $151 million bond offering, less the safety cushion for interest payments (about $21 million), to the trustee holding the Group's bonds. This money will be used for future bond repayments.

The conversion of Leviathan super royalties into bonds was completed several days ago after the agreement was signed to sell 70% of Delek Group subsidiary Delek Israel to Lahav LR Real Estate Ltd. (TASE: LAHAV) and businessman Uri Mantzur for NIS 525 million.

Published by Globes, Israel business news - en.globes.co.il - on October 29, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Yitzhak Tshuva  / Photo: Gidon Levin
Yitzhak Tshuva / Photo: Gidon Levin
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