The gas exploration partnership is seeking $350 million.
The financing agreement for the Tamar project between Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) and Deutsche Bank AG (NYSE: DB; XETRA: DBG) has been delayed again. Isramco notified the TASE today day that more time is needed to conclude the term sheet for a 36-month $350 million bridge loan for the Tamar project, due to the complexity of the issues. The new deadline is August 31.
Isramco owns 28.75% of Tamar.
This is the second postponement of the term sheet in the past month. One month ago, Isramco announced that the deadline was pushed back to June 15. The company first disclosed the negotiations on the term sheet on February 23.
Isramco added that Deutsche Bank was in talks with various institutional investors for the provision of an additional $400 million loan.
Isramco's share price rose 0.2% by early afternoon on the TASE today to NIS 0.507, giving a market cap of NIS 5.36 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on June 16, 2010
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