Delek Group to buy another 1 pct of Noble Energy

TEL AVIV, July 11 (BestGrowthStock) – The board of Delek Group
(DELKG.TA: ) decided to raise its holding in Noble Energy (NBL.N: )
by up to 1 percent of Noble’s share capital in an investment
that will not exceed $140 million.

Israeli conglomerate Delek had already purchased about 2
percent 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 percent. Delek will provide to the bank as a guarantee the
acquired Noble shares.
(Reporting by Tova Cohen; Editing by Alex Richardson)

Delek Group to buy another 1 pct of Noble Energy