Tullow refinances

Tullow Oil, the company which has a heavy exploration programme ahead of it in Ghana, has completed a massive debt refinancing.

The group has refinanced $3.5bn of Reserves Based Lend (RBL) credit facilities, replacing a previous facility which was due to expire in 2015.

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As well the IFC, 26 other lenders are in the syndicate that is providing the loan facilities.

Ian Springett, Chief Financial Officer for Tullow commented: "We are very pleased to close these arrangements which will refinance our existing RBL credit facilities. In conjunction with our strong operating cash flows this will provide a solid foundation for funding our major development projects in Ghana as well as other capital investments."

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