TIDMTLW TIDMTTM TIDMTTM
RNS Number : 0428X
Tullow Oil PLC
29 April 2021
TULLOW OIL PLC
Tullow Oil plc launches an offering of $1,800,000,000 Senior
Secured Notes due 2026 and receives $600,000,000 of commitments for
a Revolving Credit Facility
29 April 2021 - Tullow Oil plc (the "Company") announces today
that it has commenced an offering of senior secured notes due 2026
(the "Notes") and has received $600 million of commitments in
respect of a super senior revolving facilities agreement maturing
in December 2024, comprised of (i) a $500 million revolving credit
facility and (ii) a $100 million letter of credit facility (the
"Revolving Credit Facility" and together with the offering of the
Notes, the "Transactions").
The Notes and the Revolving Credit Facility will be senior
secured obligations of the Company and will be guaranteed by
certain of the Company's subsidiaries.
Use of Proceeds
The Company intends to enter into the Transactions and use the
proceeds from the offering of Notes, together with cash on hand, to
extend the maturity profile of its indebtedness. These transactions
are expected to be net leverage neutral by:
(i) repaying all amounts outstanding under, and cancelling all
commitments made available pursuant to, the Company's existing
Reserves Based Lending Facility,
(ii) redeeming in full the Company's $650 million aggregate
principal amount of 6 1/4 % Senior Notes due 2022 at a redemption
price of 100% of their principal amount plus accrued and unpaid
interest and additional amounts, if any, to the date of
redemption,
(iii) at their maturity, repaying in full and cancelling the
Company's $300 million aggregate principal amount of 65/8%
convertible bonds due 12 July 2021, and
(iv) paying fees and expenses incurred in connection with the Transactions.
Separately, the proceeds from these Transactions will not be
used to pay any amounts under the $800 million of 7% Senior Notes
due 2025.
The Notes have not been and will not be registered under the
Securities Act of 1933, as amended (the "Securities Act") or any
state securities laws and may not be offered or sold in the United
States or for the account or benefit of any US person or in any way
distributed in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state securities laws. The Notes will
be offered only to qualified institutional buyers in the United
States in accordance with Rule 144A under the Securities Act and to
non-US persons outside the United States in reliance on Regulation
S under the Securities Act.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the Notes and shall not constitute
an offer, solicitation or sale of any securities in any
jurisdiction where the offering would not be permitted. This press
release contains information about a pending transaction and there
can be no assurance that this transaction will be completed.
Forward-Looking Information is Subject to Risk and
Uncertainty
This press release may include certain "forward-looking"
statements. Forward-looking statements include all statements that
are not historical facts and can be identified by the use of
forward-looking terminology such as the words "believes,"
"expects," "may," "will," "would," "should," "seeks," "pro forma,"
"anticipates," "intends, " "plans," "estimates," or the negative of
any thereof or other variations thereof or comparable terminology,
or by discussions of strategy or intentions. These statements are
not guarantees of future actions or performance and involve risks,
uncertainties and assumptions as to future events that may not
prove to be accurate. Actual actions or results may differ
materially from what is expressed or forecasted in these
forward-looking statements as the Company may be unable to complete
the Transactions. As a result, these statements speak only as of
the date they were made and the Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Many
important factors could cause the Company's results to differ
materially from those expressed in these forward-looking
statements. These factors include, but are not limited to, general
market conditions, national or global events affecting the capital
markets, the coronavirus disease (COVID-19) outbreak, unforeseen
developments in the Company's business or industry or changes in
law or regulations governing the Company's ability to complete the
Transactions.
***********************************
This announcement is not being made in and copies of it may not
be distributed or sent into any jurisdiction in which the
publication, distribution or release would be unlawful.
This document is not an offer of securities for sale in the
United States. The Notes may not be sold in the United States
absent registration or an exemption from registration under the
Securities Act. The Company does not intend to register the Notes
and any related guarantees in the United States or to conduct a
public offering of the Notes and such guarantees in the United
States.
In member states of the EEA, this announcement is directed only
at persons who are "qualified investors" within the meaning of
Regulation (EU) 2017/1129 (the "Prospectus Regulation"). In
addition, promotion of the Notes in the United Kingdom is
restricted by the Financial Services and Markets Act 2000, as
amended (the "FSMA"), and accordingly, the Notes are not being
promoted to the general public in the United Kingdom. This
announcement is for distribution only to, and is only directed at,
qualified investors who (i) have professional experience in matters
relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005, as amended (the "Financial Promotion Order"), (ii) are
persons falling within Article 49(2)(a) to (d) (high net worth
companies, unincorporated associations, etc.) of the Financial
Promotion Order, or (iii) are other persons to whom it may
otherwise lawfully be communicated or caused to be communicated
(all such persons together being referred to as "relevant
persons"). This announcement must not be acted on or relied on (i)
in the United Kingdom, by anyone who is not a relevant person, and
(ii) in any member state of the EEA other than the United Kingdom,
by persons who are not qualified investors. Any investment or
investment activity to which this announcement relates is available
only to relevant persons in the United Kingdom and qualified
investors in any member state of the EEA other than the United
Kingdom. Each recipient also represents and agrees that it has
complied and will comply with all applicable provisions of the FSMA
with respect to anything done by it in relation to any Notes in,
from or otherwise involving the United Kingdom. The Notes are not
being offered to the public in the United Kingdom.
This announcement is an advertisement and is not a prospectus
for the purposes of the Prospectus Regulation.
Manufacturer target market (MIFID II product governance) is
eligible counterparties and professional clients only (all
distribution channels). No PRIIPs key information document (KID)
has been prepared as the offering of Notes is not available to
retail investors in the EEA.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is being
released on behalf of Tullow by Adam Holland, Company
Secretary.
CONTACTS
=========================================== ===================
Tullow Oil plc Murrays
(London) (Dublin)
(+44 20 3249 9000) (+353 1 498 0300)
George Cazenove (Media) Pat Walsh
Matthew Evans and Chris Perry (Investors) Joe Heron
=========================================== ===================
Notes to editors
Tullow is an independent oil & gas, exploration and
production group which is quoted on the London, Irish and Ghanaian
stock exchanges (symbol: TLW) and is a constituent of the FTSE250
index. The Group has interests in over 50 exploration and
production licences across 11 countries including Ghana where it
operates the Jubilee and TEN fields. In March 2021, Tullow
committed to becoming Net Zero on its Scope 1 and 2 emissions by
2030.
For further information, please refer to our website at
www.tullowoil.com
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCSESSIUEFSELL
(END) Dow Jones Newswires
April 29, 2021 02:00 ET (06:00 GMT)
Tullow Oil (LSE:TLW)
Historical Stock Chart
From Apr 2024 to May 2024
Tullow Oil (LSE:TLW)
Historical Stock Chart
From May 2023 to May 2024