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WFW advises lenders on US$650m debt refinancing to Ratio Energies6 June 2025

Watson Farley & Williams (“WFW”) advised a consortium of international and Israeli banks, led by HSBC, on a debt refinancing and uncommitted accordion facility of up to US$650m granted to Ratio Energies (“Ratio”) to finance the ongoing operation and development of Ratio’s working interest in the Leviathan gas field, offshore Israel.

The Leviathan gas field, in which Ratio holds a 15% working interest, is one of the largest natural gas discoveries in the world. The facility will be used to refinance existing debt facilities and will support Ratio and other partners’ plans to expand production capacity of the Leviathan field from approximately 14 BCM annually to approximately 21-23 BCM annually.

The WFW London Projects team that advised the lenders was led by Partner Paul Simpson, supported by Senior Associates Victoria Jones and Gavin Jackson, Associate Georgina Somers and Trainees George Iles and Abi Barrett. Hedging advice was provided by Partner Rob McBride and Associate Kristina Buckberry.

Paul commented: “We are pleased to have advised the lenders on this high-value debt financing. The transaction highlights WFW’s strength in advising on big ticket financings in the energy sector”.


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