Simpson Thacher Represents Initial Purchasers in $2.25 Billion Senior Secured Notes Offering by Leviathan Bond
08.18.20
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Simpson Thacher recently represented the initial purchasers, led by J.P. Morgan and HSBC, as joint lead book runners, in connection with a Rule 144A/Regulation S offering of $500 million of 5.75% Senior Secured Notes due 2023, $600 million of 6.125% Senior Secured Notes due 2025, $600 million of 6.5% Senior Secured Notes due 2027 and $550 million of 6.75% Senior Secured Notes due 2030 by Leviathan Bond Ltd., a limited liability company formed by Delek Drilling Limited Partnership. The notes are listed for trading on the system of the Tel Aviv Stock Exchange for trading by institutional investors, and recourse on the notes is limited to Delek Drilling’s interests in the Leviathan natural gas reservoir located in the Mediterranean Sea offshore of Israel.
Delek Drilling is the leading Israeli energy partnership in the field of exploration, development, production and sale of natural gas and condensate in the Eastern Mediterranean Sea.
The Simpson Thacher team for the transaction included Gil Strauss, Srishti Gupta and Alex Yeagley (Capital Markets); Meredith Jones and Gal Shemer (Tax); and Jeanne Annarumma (ERISA).