UK Markets closed
  • FTSE 100

    7,043.61
    +80.28 (+1.15%)
     
  • FTSE 250

    22,336.10
    +266.79 (+1.21%)
     
  • AIM

    1,236.38
    +11.54 (+0.94%)
     
  • GBP/EUR

    1.1602
    -0.0025 (-0.21%)
     
  • GBP/USD

    1.4102
    +0.0050 (+0.3582%)
     
  • BTC-GBP

    34,547.70
    -492.06 (-1.40%)
     
  • CMC Crypto 200

    1,398.33
    +39.77 (+2.93%)
     
  • S&P 500

    4,173.85
    +61.35 (+1.49%)
     
  • DOW

    34,382.13
    +360.68 (+1.06%)
     
  • CRUDE OIL

    65.51
    +1.69 (+2.65%)
     
  • GOLD FUTURES

    1,844.00
    +20.00 (+1.10%)
     
  • NIKKEI 225

    28,084.47
    +636.46 (+2.32%)
     
  • HANG SENG

    28,027.57
    +308.90 (+1.11%)
     
  • DAX

    15,416.64
    +216.96 (+1.43%)
     
  • CAC 40

    6,385.14
    +96.81 (+1.54%)
     

Tullow rejigs debt with offer of $1.8 billion in notes, gets $600 million loan

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
FILE PHOTO: Workers walk past storage tanks at Tullow Oil's Ngamia 8 drilling site in Lokichar
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) -Tullow Oil Plc said on Thursday it was offering notes worth $1.8 billion and had received $600 million in commitments from lenders as part of a flagged debt refinancing.

The British oil and gas company said the senior notes are due in 2026, while the loan matures in 2024. It said the latest funding would be partly used to repay and cancel all outstanding amounts under its existing reserves-based lending facility.

In March, Tullow Chief Executive Rahul Dhir said he expected to reach a deal with creditors to extend 2021 and 2022 debt maturities, rather than change the amount of debt, in the first half of this year.

With net debt of about $2.4 billion at the end of 2020, Tullow had a market capitalisation of around $985 million on Thursday.

(Reporting by Pushkala Aripaka in Bengaluru and Shadia Nasralla in London; Editing by Krishna Chandra Eluri and Edmund Blair)