Tullow secures additional $450M under its existing credit facilities

Tullow Oil plc and its lending banks have completed the six-monthly reserve based lend (RBL) redetermination process, with its asset portfolio supporting a $200 million increase in lenders commitments, thus increasing available debt capacity from $3.5 billion to $3.7 billion, despite lower oil prices.

Tullow and its lending banks have arranged an additional $250 million of lenders commitments, secured through the corporate credit facility, which has been increased from $750 million to $1 billion. They have agreed on 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.

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