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

(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)