Kenon Holdings Ltd.'s subsidiary OPC Energy Ltd. ("OPC") has announced an amendment and extension of the financing agreement of CPV Valley Holdings, LLC ("CPV Valley"), an operating power plant with capacity of approximately 720 MW. CPV Valley is 50%-owned by CPV Group LP ("CPV"), which is 70% owned by OPC. The amendments include an extension of the facility's final maturity date to May 31, 2026, with scheduled amortization payments prior to maturity and a revised cash sweep
provision. Under the terms of the amendment, CPV Valley is required to make a repayment of $55 million (approximately NIS 200 million) (which will be financed by way of a capital injection, including approximately $17 million by OPC). Following this repayment, the total credit facility commitments under this financing agreement will be $470 million (approximately NIS 1.7 billion). The interest rate on the facility was revised, effective June 30, 2023, to a SOFR-based rate (instead of a LIBOR-based rate) with a weighted average spread above SOFR of approximately 5.75%.