North Sea oil firm Ithaca Energy said today that it had received a commitment letter for a five year, $300 million (£230m) loan facility.
The loan, from an international bank, will be used to repay Ithaca’s existing senior unsecured notes due July 2019.
It will be secured by parent company Delek Group with a guarantee as part of the security package.
The parties expect to execute all the necessary approvals for the loan facility during the third quarter of 2018.
Aberdeen-headquartered Ithaca was taken over by Israeli firm Delek Group last year.
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