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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tullow Oil Plc | LSE:TLW | London | Ordinary Share | GB0001500809 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.06 | -0.17% | 35.04 | 35.04 | 35.48 | 35.48 | 34.50 | 34.50 | 29,142 | 08:37:43 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 1.63B | -109.6M | -0.0754 | -4.66 | 510.4M |
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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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(END) Dow Jones Newswires
November 29, 2017 02:00 ET (07:00 GMT)
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