Tullow secures US$3.5bn debt refinancing

RNS Number : 5552Q

Tullow Oil PLC

07 November 2012

 



News Release

Tullow secures US$3.5 billion debt refinancing

7 November 2012 - Tullow Oil plc (Tullow) is pleased to announce that it has closed the refinance of US$3.5 billion of Reserves Based Lend ("RBL") credit facilities. The arrangements are fully committed, secured and revolving credit facilities and replace the previous facility which was due to expire in 2015.

The US$3.5 billion of credit facilities are split between a Senior Facility of US$3.235 billion, a Junior Facility of US$100 million, and an IFC facility of US$165 million all with a final maturity of November 2019. In addition, Tullow has an option to increase the Senior Facility by up to an additional US$500 million subject to receipt of further lender commitments.

On Wednesday 31 October, facility documentation was signed by a syndicate of 27 international lenders, including the IFC, a member of the World Bank Group. Mandated Lead Arrangers include BNP Paribas, Bank of America, Barclays Bank, Credit Agricole Corporate & Investment Bank, Deutsche Bank, DNB Bank, HSBC Bank, ING Bank, Lloyds TSB Bank, Natixis, Nedbank, Société Générale, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and The Royal Bank of Scotland.

Ian Springett, Chief Financial Officer for Tullow commented today:

"We are very pleased to close these arrangements which will refinance our existing RBL credit facilities. In conjunction with our strong operating cash flows this will provide a solid foundation for funding our major development projects in Ghana as well as other capital investments. The very positive support which we received from our relationship banks is welcome at a time of continuing uncertainty in global capital markets."

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc ([phone]) Chris Perry (Investor Relations) James Arnold (Investor Relations) George Cazenove (Media Relations)

Citigate Dewe Rogerson ([phone]) Martin Jackson Jack Rich

Murray Consultants ([phone]) Joe Murray Ed Micheau

Tullow Group Overview

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian (symbol: TLW) stock exchanges and is a constituent of the FTSE 100 Index. The Group has interests in over 100 exploration and production licences across 24 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

For further information please refer to our website at www.tullowoil.com.

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