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Tullow ups revolving credit to USD750m

Monday, April 07 12:55:45

Irish-owned Tullow Oil today said it has refinanced its revolving credit facility, increasing it by 50pc to USD750.0 million.

It said the refinanced facility has been extended to April 2017.

The arrangement is a fully committed, secured and revolving credit facility and replaces the previous USD500.0 million facility which was due to expire in November 2014.

Mandated lead arrangers were Bank of America Merrill Lynch, BNP Paribas, Credit Agricole Corporate and Investment Bank, HSBC Bank, ING Bank, Natixis, Societe Generale, Standard Chartered PLC, Royal Bank of Scotland Group PLC and Standard Bank, Tullow said in a statement.

Chief Financial Officer Ian Springett said the USD750 million corporate facility forms an important piece of Tullow's debt capital structure, which also includes USD3.5 billion of reserve based lending facilities and USD1.3 billion of senior notes.

"We have taken advantage of currently strong debt markets to increase our bank commitments, further diversify our sources of funding and extend the maturity of our debt. With Tullow also benefiting from strong cash flow from production, the Company is well-financed with strong liquidity and considerable financial flexibility," Springett said in a statement.