Business
Tullow refinances Norwegian loan facility
Tullow refinances Norwegian loan facility.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n \nRNS Number : 5377J Tullow Oil PLC 13 June 2014 \n \n\nNews Release\n \n \nTullow refinances its Norwegian exploration loan facility\n \n13 June 2014 - Tullow Oil plc (Tullow) is pleased to announce that it has refinanced its NOK 2 billion (ca. $330 million) Norwegian exploration loan facility and that it has successfully increased the size of the facility to NOK 3 billion (ca. $500 million) and extended the availability to the end of 2017.\n \nThe arrangement is a fully committed revolving credit facility, and replaces the previous facility, arranged for Spring Energy before its acquisition by Tullow, whose availability was due to expire in December 2014. DNB and SEB acted as Bookrunners and Coordinating Banks for this facility which was significantly oversubscribed.\n \nMandated Lead Arrangers are DNB and SEB, Senior Lead Arrangers are BNP Paribas, Sparebank1 SR-Bank and Swedbank, Lead Arrangers are ABN Amro, Bank of America Merrill Lynch, Commonwealth Bank of Australia, Credit Agricole Corporate & Investment Bank, Danske Bank, Deutsche Bank, HSBC Bank, ING, Société Générale, SMBC and The Royal Bank of Scotland.\n \nIan Springett, Chief Financial Officer, Tullow Oil plc, commented today:\n\"This NOK 3 billion facility provides pre-funding for approximately 75% of our exploration and appraisal investment on the Norwegian Continental Shelf. The significant oversubscription demonstrates the strength of our banking relationships and our ability to access debt capital markets. We remain in an excellent position to fund all our activities across the portfolio with strong liquidity and considerable financial flexibility.\" \n \nFOR FURTHER INFORMATION CONTACT:\n\n\n\n\nTullow Oil plc \n(London)\n(+44 20 3249 9000)\nChris Perry (Investor Relations)\nJames Arnold (Investor Relations)\nGeorge Cazenove (Media Relations)\n\n\nCitigate Dewe Rogerson\n(London) \n(+44 207 638 9571) \nMartin Jackson\nShabnam Bashir\n\n\nMurray Consultants \n(Dublin)\n(+353 1 498 0300) \nPat Walsh\nJoe Heron\n\n\n\n\n \nNotes to Editors \nTullow Oil plc\nTullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW) and is a constituent ...