Ithaca Energy gets OK to fix change-of-control terms for 8 1/8% notes

By Susanna Moon

Chicago, March 24 – Ithaca Energy Inc. said it secured the needed consents to amend its $300 million 8 1/8% senior notes due July 2019 related to a takeover bid.

The consent solicitation ended at 5 p.m. ET on March 23.

As announced March 15, Ithaca was asking for a proposed waiver and amendments to the change-of-control provisions under the note terms related to a takeover offer made by an affiliate of Delek Group Ltd., according to a company announcement.

Ithaca has executed a supplemental indenture to the notes, which has become effective but will become operative when the takeover is completed, according to a company update on Friday.

Global Bondholder Services Corp. (212 430-3774 or contact@gbsc-usa.com) is the tabulation agent and information agent. UBS Securities LLC (888 719-4210 or ol-liability-management@ubs.com) is the solicitation agent.

Ithaca Energy is an Aberdeen, Scotland-based oil and gas exploration, development and production company.

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