Tullow Oil PLC Tullow secures $2.5 billion debt refinancing (7775X)
29 November 2017 - 6:00PM
UK Regulatory
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RNS Number : 7775X
Tullow Oil PLC
29 November 2017
News Release
Tullow secures US$2.5 billion debt refinancing
29 November 2017 - Tullow Oil plc (Tullow) is pleased to
announce that it has completed the refinancing of US$2.5 billion of
Reserves Based Lending ("RBL") credit facilities.
The US$2.5 billion of credit facilities are split between a
commercial bank facility of US$2.4 billion and an IFC facility of
US$100 million. The fully committed facilities are revolving with a
three-year grace period and final maturity of November 2024.
The transaction, which was formally launched in early October
following the resolution of the Ghana - Cote d'Ivoire border
dispute, was materially over-subscribed and extends the maturity of
the Group's existing RBL credit facilities. Tullow has also decided
to reduce the commitments of its Revolving Corporate Credit
Facility to US$600 million from US$800 million, ahead of the
scheduled amortisation in January 2018.
Following the refinancing of the RBL credit facilities and the
reduction of the Revolving Corporate Credit Facility, Tullow has
total headroom including free cash of US$0.9 billion with no
material near-term debt maturities.
Les Wood, Chief Financial Officer, commented today:
"The refinancing of our RBL credit facility was a key objective
for 2017 and we are very pleased to have completed this process in
line with stated guidance and ahead of our year-end target. The
success of this transaction clearly demonstrates the high quality
of the Group's assets, our ability to generate free cash flow and
the strength of our long-standing banking relationships. Following
this refinancing, we have no material near-term debt maturities and
will enter 2018 in a strong financial position."
FOR FURTHER INFORMATION CONTACT:
Tullow Oil Murray Consultants
plc (Dublin)
(London) (+353 1
(+44 20 498 0300)
3249 9000) Pat Walsh
Chris Perry Joe Heron
George Cazenove
Nicola Rogers
================= ===================
Notes to Editors
Tullow Oil plc
Tullow is a leading independent oil & gas, exploration and
production group, quoted on the London, Irish and Ghanaian stock
exchanges (symbol: TLW). The Group has interests in over 80
exploration and production licences across 16 countries which are
managed as three business delivery teams: West Africa, East Africa
and New Ventures.
Follow Tullow on:
Twitter: www.twitter.com/TullowOilplc YouTube:
www.youtube.com/TullowOilplc
Facebook: www.facebook.com/TullowOilplc LinkedIn: www.linkedin.com/company/Tullow-Oil
Website: www.tullowoil.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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