Business
Tullow secures $2.5 billion debt refinancing
Tullow secures $2.5 billion debt refinancing.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n \nRNS Number : 7775X Tullow Oil PLC 29 November 2017 \n\nNews Release\n \n\nTullow secures US$2.5 billion debt refinancing\n29 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. \n \nThe 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. \n \nThe 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. \n \nFollowing 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.\n \nLes Wood, Chief Financial Officer, commented today:\n\"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.\" \n \nFOR FURTHER INFORMATION CONTACT:\n \n\n\n\n\nTullow Oil plc \n(London)\n (+44 20 3249 9000)\nChris Perry\nGeorge Cazenove\nNicola Rogers \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: ...