Tullow Oil PLC Tullow secures $400 million 5-year debt facility (1627T)
13 Noviembre 2023 - 1:00AM
UK Regulatory
TIDMTLW
RNS Number : 1627T
Tullow Oil PLC
13 November 2023
Tullow secures $400 million five-year debt facility
13 November 2023 - Tullow Oil plc (Tullow) is pleased to
announce that it has entered into a $400 million five-year notes
facility agreement with Glencore Energy UK Limited (Glencore).
The facility will be available to draw for 18 months and
proceeds will be used for liability management of Tullow's senior
notes maturing in March 2025. The interest on the facility will be
Term Secured Overnight Financing Rate (SOFR) plus 10% on drawn
amounts.
Tullow is also pleased to announce that it has entered into oil
marketing and offtake contracts with Glencore for Tullow's crude
oil entitlements from the Jubilee and TEN fields in Ghana and the
Rabi Light entitlements in Gabon which run concurrently with the
notes facility agreement.
Rahul Dhir, Chief Executive Officer, Tullow, commented
today:
"Glencore's $400 million facility commitment is a strong
endorsement of our business plan and strategy. Today's announcement
demonstrates our ability to access long term capital from a variety
of sources and this facility is a material step in our refinancing
strategy, following the successful and equity accretive tender
offer in June. The proceeds from this facility, together with cash
on balance sheet and $800 million of free cash flow expected to be
generated during 2023 to 2025, will allow us to fully address all
outstanding 2025 Notes and positions us for a successful
refinancing of the 2026 Notes."
Commenting on the transaction, Alex Sanna, CEO of the Oil &
Gas Division of Glencore, said:
"We are pleased to complete this landmark $400 million notes
facility for Tullow, along with the term oil marketing and offtake
contracts from Tullow's production in Ghana and Gabon. This
facility is a strong endorsement of Tullow's business plan and
strategy, and demonstrates Glencore's capability in structuring
finance solutions across the oil and gas sector."
Additional information
The notes facility is guaranteed on a pari passu basis by the
same guarantors as Tullow's senior notes maturing in March 2025
with the notes facility guarantees being subordinated to the
guarantees of Tullow's senior secured notes maturing in May 2026
("2026 Notes"). In addition, the notes facility is secured by the
same collateral as the 2026 Notes but ranks contractually behind
the 2026 Notes with respect to the right to receive proceeds from
any enforcement of collateral.
CONTACTS
========================= ===================
Tullow Investor Relations Camarco (Media)
ir@tullowoil.com (+44 20 3781 9244)
Nicola Rogers Billy Clegg
Matthew Evans Andrew Turner
Rebecca Waterworth
========================= ===================
This announcement contains inside information for the purposes
of Article 7 of Regulation 2014/596/EU which is part of domestic UK
law pursuant to the Market Abuse (Amendment) (EU Exit) Regulations
(SI 2019/310) ("UK MAR"). Upon the publication of this
announcement, this inside information (as defined in UK MAR) is now
considered to be in the public domain. This announcement is being
made on behalf of Tullow by Adam Holland, Company Secretary.
Notes to editors
Tullow is an independent oil & gas, exploration and
production group, quoted on the London and Ghanaian stock exchanges
(symbol: TLW). The Group has interests in over 30 licences across
eight countries. In March 2021, Tullow committed to becoming Net
Zero on its Scope 1 and 2 emissions by 2030. For further
information, please refer to our website at www.tullowoil.com .
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END
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