Isramco obtains $500m Deutsche Bank loan

The company will use the loan to finance its share of the development of the Tamar gas field.

Tamar partner Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) has signed a term sheet with Deutsche Bank AG (NYSE: DB; DAX: DBK) for a $500 million seven-year loan. Isramco will use the loan to repay its $350 million bridge loan to finance its share of the Tamar gas field's development, and for further development of the field.

Isramco added that the term sheet was not binding and that securing the loan is subject to signing a detailed loan agreement.

Isramco owns 28.7% of Tamar, Noble Energy Inc. (NYSE: NBL) owns 36%, Delek Group Ltd. (TASE: DLEKG) subsidiaries Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) each own 15.625%, and Dor Alon Energy in Israel (1988) Ltd. (TASE:DRAL) unit Alon Natural Gas Exploration Ltd. (TASE: ALGS) owns 4%. Gas deliveries from Tamar are due to begin in April.

Published by Globes [online], Israel business news - www.globes-online.com - on February 20, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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