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Proposed Deed of Trust Between Delek Group and Debenture Holders Approved by Large Majority

· Debenture holders of all seven Series of Delek Group approved by a large majority the plan, which had been formulated over recent months between Delek Group, representatives of the debenture holders and the lender banks

· Idan Wallace, President and CEO of Delek Group: "We welcome the expression of confidence by the debenture holders and the banks - we will continue to make every effort to implement the approved plan and to return Delek Group to its natural place as a leading player in the capital markets"

PR Newswire

TEL AVIV, Israel, June 18, 2020 /PRNewswire/ -- Delek Group (TASE: DLEKG) (US ADR: DGRLY) ("the Company") announced that the Meeting of debenture holders of all seven series of the Company's debentures approved the Deed of Trust, which had been formulated over recent months between the Company and representatives of its debenture holders.

With the approval of the plan, the Stand Still agreement with the lender banks of the Group, which was signed earlier this week, has also become effective. According to the Stand Still agreement, the Company is expected to make early repayment to the lender banks of the balance of credit provided to the Group and to Delek Energy, and for release of the participation units of Delek Drilling that had been pledged as security for these facilities.

In accordance with the provisions of the Deed of Trust, 40% of the participation units will be pledged in favor of the debenture holders together with a lien on other assets, thereby transforming the Group's debenture holders from being unsecured creditors to secured creditors backed by collateral worth billions of shekels.

Idan Wallace, President and CEO of Delek Group: "We welcome the expression of confidence by the debenture holders and the banks, who together facilitated the financial plan formulated with them to get started, and we intend to continue to make every effort as we also have done in recent months to implement the plan that has been approved and to return Delek Group to its natural place as a leading player in the capital markets.

The Plan approved tonight is an important milestone for Delek Group, which will allow the Group to benefit from a breathing space to let it continue to advance business actions, to benefit from the recovery in energy prices around the world, to change the debenture holders from unsecured creditors to secured creditors for whom assets worth billions of shekels have been pledged, and to repay within a short time frame the liabilities to the lender banks, while protecting the Group's key core assets".

This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on June 18, 2020.

About Delek Group

Delek Group is an independent E&P company with activities in the UK North Sea and the East Mediterranean. Delek Group has significant holdings in the Leviathan and Tamar natural gas reservoirs in the East Mediterranean (Israel's territorial water), with reserves and resources of more than 30 TCF and annual production of approximately 20 BCM. These reservoirs are a major natural gas supplier to the growing markets of Israel, Egypt and Jordan and Delek continues to lead the region's development into a major natural gas export hub. Through its wholly owned subsidiary Ithaca, Delek Group holds high-quality oil and natural gas assets in the UK North Sea totaling more than 270 million barrels of oil equivalent (boe) and producing about 27 million boe per year. Delek Group is one of Israel's largest and most prominent companies with a consistent track record of growth. Its shares are traded on the Tel Aviv Stock Exchange (DLEKG:IT) And its ADRs are traded on the US OTC market (DGRLY:US).

For more information on Delek Group please visit www.delek-group.com

Contact:
Investors
Limor Gruber
Head of Investor Relations
Delek Group Ltd.
Tel: +972 9 8638443
[email protected]

Cision View original content:http://www.prnewswire.com/news-releases/proposed-deed-of-trust-between-delek-group-and-debenture-holders-approved-by-large-majority-301079385.html

SOURCE Delek Group Ltd


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