Tullow secures additional $450M of capital under existing credit facilities

Tullow Oil plc has provided an 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 Tullow’s asset portfolio supported a $200 million increase in lenders commitments, increasing available debt capacity from $3.5 billion to $3.7 billion, despite lower oil prices; arranged an additional $250 million of lenders commitments, secured through the corporate credit facility, which has been increased from $750 million to $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 $6.3 billion of currently committed debt facilities with no near-term maturities.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...