Major institutional investors are demanding changes to the bond trust deed.
Gideon Tadmor's oil and gas exploration partnership Navitas Petroleum has been carrying out a $130 million debt offering, through Navitas Buckskin Financing, since this morning, but the major institutional investors are demanding changes in the trust deed.
A source involved in the offering told "Globes", "Several large institutions want changes in the trust deed, and we need these investors It was therefore decided to instruct the underwriters not to open the envelopes. We now need to wait 48 hours, but it looks as though we will be not be able to return to the offering for at least two weeks."
The cash raised in the offering is earmarked for development of the Buckskin discovery in the Gulf of Mexico, in which Navitas intends to become a 5% partner. Navitas also seeks to raise a further $100 million for exploration and development in its assets in the US and Canada.
Published by Globes [online], Israel business news - www.globes-online.com - on June 29, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
Gideon Tadmor photo: Uria Tadmor