Tullow Oil In US$500M Refinancing

Tullow Oil has announced that it has refinanced its US$500 million corporate revolving credit facility and that it has successfully increased the size of the facility to US$750 million and extended the tenor to April 2017.

According to Ian Springett, Chief Financial Officer, Tullow Oil,the $750 million corporate facility forms, an important piece of our debt capital structure which also includes $3.5 billion of reserve based lending facilities and $1.3 billion of senior notes, the second tranche of which was priced last week.

“We have taken advantage of currently strong debt markets to increase our bank commitments, further diversify our sources of funding and extend the maturity of our debt,” Springett said.

“With Tullow also benefitting from strong cash flow from production, the Company is well-financed with strong liquidity and considerable financial flexibility.