Tullow Oil plc (Tullow) 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.
The 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.