Delek Group to buy another 1% of Noble Energy
Company's board decides to raise holding in energy firm in investment that will not exceed $140 million
The board of Delek Group decided to raise its holding in Noble Energy by up to 1% of Noble's share capital in an investment that will not exceed $140 million.
Israeli conglomerate Delek had already purchased about 2% of Noble for $230 million, Delek said on Sunday.
Noble, along with Israeli partners that include two subsidiaries of Delek, is leading natural gas drilling projects at several sites off Israel's coast.
Delek also said an increased credit line of up to $52 million was approved with a bank. Under an original agreement the bank offered a non-recourse loan of $120 million, which was completely used.
The credit that will be used is eligible for repayment as of May 2012 and the annual interest rate will be Libor plus 3.43%. Delek will provide to the bank as a guarantee the acquired Noble shares.
