Tullow secures US$3.5 billion debt refinancing

Tullow Oil plc (Tullow) is pleased to announce that it has closed the refinance of US$3.5 billion of Reserves Based Lend (“RBL”) credit facilities. 

The US$3.5 billion of credit facilities are split between a Senior Facility of US$3.235 billion, a Junior Facility of US$100 million, and an IFC facility of US$165 million all with a final maturity of November 2019. In addition, Tullow has an option to increase the Senior Facility by up to an additional US$500 million subject to receipt of further lender commitments.

On Wednesday 31 October, facility documentation was signed by a syndicate of 27 international lenders, including the IFC, a member of the World Bank Group. Mandated Lead Arrangers include BNP Paribas, Bank of America, Barclays Bank, Credit Agricole Corporate & Investment Bank, Deutsche Bank, DNB Bank, HSBC Bank, ING Bank, Lloyds TSB Bank, Natixis, Nedbank, Société Générale, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and The Royal Bank of Scotland.

IAN SPRINGETT, CHIEF FINANCIAL OFFICER FOR TULLOW, COMMENTED TODAY:

We are very pleased to close these arrangements which will refinance our existing RBL credit facilities. In conjunction with our strong operating cash flows this will provide a solid foundation for funding our major development projects in Ghana as well as other capital investments. The very positive support which we received from our relationship banks is welcome at a time of continuing uncertainty in global capital markets.