Delek $2.25 billion senior secured project notes offering
Davis Polk advised Delek Drilling Limited Partnership, as sponsor, on the Rule 144A offering by its special-purpose vehicle Leviathan Bond Ltd.’s $2.25 billion principal amount of four tranches of senior secured notes, with limited recourse to the sponsor.
Delek Drilling is one of Israel’s dominant integrated energy companies, is a pioneering leader in natural gas exploration and production activities in the Eastern Mediterranean’s Levant Basin. The notes are secured by Delek Drilling Limited Partnership’s 45.34% working interest in the world-class Leviathan gas field located in the East Mediterranean Sea, which is the largest private sector energy project in Israel’s history and which reached first gas in December 2019.
The Davis Polk capital markets team included partner Reuven B. Young and associates Andrew Rowe, Paula Querol and Joshua S. Sills. The Davis Polk finance team included partner Meyer C. Dworkin and associates Rebecca L. Roman, Jason Palios and Christina C. Bell. Counsel Alon Gurfinkel and associate Veronica Davis provided tax advice. Members of the Davis Polk team are based in the New York, São Paulo, London and Madrid offices.