Scandoil  

Tullow secures an additional US$450 million of capital


Published Mar 23, 2015
Tullow Oil plc

Tullow Oil plc (Tullow) is pleased to announce the following update on its financing and banking arrangements. Tullow and its lending banks have:

•completed the six-monthly Reserve Based Lend (RBL) redetermination process; the quality of our asset portfolio supported a US$200 million increase in lenders commitments, increasing available debt capacity from US$3.5 billion to US$3.7 billion, despite lower oil prices; •arranged an additional US$250 million of lenders commitments, secured through the corporate credit facility which has been increased from US$750 million to US$ 1 billion; and •agreed an amendment to the financial covenant on the RBL and corporate facility to address the risk of any potential covenant breach during a period of oil price volatility and investment in production and development assets in West Africa.

As a result, the Group has around US$6.3 billion of currently committed debt facilities with no near term maturities.

Tags: Tullow Oil plc




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