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Ithaca Energy PLC on Wednesday reported the pricing of a senior notes offering and extension of a lending facility by its subsidiaries. The London-based oil and gas firm owns all shares in Ithaca Energy UK Ltd and Ithaca Energy North Sea PLC, both based in Abderdeen, Scotland. Ithaca Energy UK has commitments to use an accordion mechanism for a reserves-based lending facility. This means that aggregate commitments under facility A have increased to $1.3 billion from $1.0 billion, the firm said. Meanwhile, Ithaca Energy North Sea priced an offering of 5.500% senior notes due 2031 at an aggregate principal amount of €450.0 million. This is for the notes at par value, with interest payable semi-annually. A currency swap related to the offering will result in a 6.7% all-in effective interest rate in US dollars, the firm added. The notes are guaranteed on a senior basis by Ithaca Energy E&P Ltd and other subsidiaries. Ithaca Energy Chair Yaniv Friedman suggested that ‘significant investor demand and material oversubscription’ reinforced the firm’s ‘strength and agility’. Proceeds from the offering will be used in part to fund the acquisition of a further 46.25% stake in the Cygnus gas field from Spirit Energy Ltd, an oil and gas producer owned by Centrica PLC. The acquisition takes Ithaca Energy’s position in Cygnus to 85%, according to a statement the firm released in May. Proceeds will also go towards loan repayments and cash replenishment related to the purchase of Japex UK E&P Ltd. Ithaca Energy agreed in March to buy Japex, which has 15% interest in the Seagull field, from Japan Petroleum Exploration Co Ltd for an enterprise value of $193 million. Ithaca Energy shares traded down 0.3% at 186.42 pence on Wednesday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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