Tullow refinances

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

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.

The $3.5bn of credit facilities are split between a senior facility of $3.235bn, a junior facility of $100m, and an International Finance Corporation (IFC) facility of $165m, all with a final maturity of November 2019. In addition, Tullow has an option to increase the senior facility by up to an additional $500m, subject to receipt of further lender commitments.

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."

JH

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