Kenon Subsidiary Refinances Power Projects

Kenon (KEN) has released an update.

Kenon Holdings Ltd. through its subsidiary OPC Energy Ltd. has secured new financing agreements totaling approximately $443 million to refinance existing debts of the Tzomet and Gat power plants. The loans, arranged with Bank Hapoalim and Bank Leumi, come with a structured repayment schedule extending to 2033 and include financial covenants to maintain certain debt to EBITDA and equity to asset ratios. OPC anticipates a one-off finance expense of about $14 million due to the early repayment of previous project financing.

For further insights into KEN stock, check out TipRanks’ Stock Analysis page.