Tullow Oil PLC Final Results of the Tender Offer for 2025 Notes (9898W)
15 Diciembre 2023 - 3:37AM
UK Regulatory
TIDMTLW
RNS Number : 9898W
Tullow Oil PLC
15 December 2023
NOT FOR DISTRIBUTION IN ANY OTHER JURISDICTION WHERE IT IS
UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.
THIS ANNOUNCEMENT IS FOR INFORMATION ONLY AND IS NOT AN OFFER TO
PURCHASE OR A SOLICITATION OF AN OFFER TO SELL ANY NOTES.
Tullow Oil plc
Final Results of the Tender Offer for 2025 Notes
December 15, 2023 - Tullow Oil plc (the "Company") announces the
final results of its previously announced invitation to holders of
its outstanding 7.00% Senior Notes due 2025 (the "Notes") to tender
such Notes for purchase by the Company for cash (the "Tender
Offer") up to an aggregate tender consideration, excluding any
accrued and unpaid interest, of U.S.$300,000,000 (the "Aggregate
Tender Consideration") in respect of tenders from registered
holders of Notes ("Holders") who validly tendered their Notes on or
prior to 5:00 p.m., New York City time, on December 14, 2023 (the
"Expiration Deadline").
As of the Expiration Deadline, U.S.$140,933,000 principal amount
of Notes were validly tendered (including Notes validly tendered
prior to November 29, 2023 (the "Early Tender Deadline")). The
table below identifies the principal amount of Notes validly
tendered and accepted as of the Expiration Deadline:
Outstanding Principal
Principal Amount Outstanding
Amount as Principal after the
at the date Amount Final Payment
Title of of the Offer Tendered Date Tender
Security CUSIP/ISIN to Purchase and Accepted Consideration(1)
7.00% Senior Rule 144A: U.S.$633,463,000 U.S.$140,933,000 U.S.$492,530,000 U.S.$920.00
Notes due 899415AE3
2025 (the / US899415AE32
"Notes")
Regulation
S: G91237AA8
/ USG91237AA87
---------------- ----------------- ----------------- -------------------- ------------------
Notes:
(1) The clearing price per U.S.$1,000 principal amount of Notes
validly tendered and accepted for purchase (the "Tender
Consideration") (exclusive of any accrued and unpaid interest on
such Notes from, and including, the last interest payment date
applicable to such Notes, which will be paid in addition to the
Tender Consideration to, but not including, the Final Payment Date
(as defined herein)).
Richard Miller, Chief Financial Officer, Tullow , commented
today:
"2023 has been a transformative year for our balance sheet.
Following the start-up of the Jubilee South East project earlier
this year, we are now in a period of material free cash flow, with
approximately $800 million expected to be generated between 2023 to
2025. This free cash flow, together with cash on balance sheet and
the $400 million notes facility commitment from Glencore, will
allow us to fully address all outstanding 2025 Notes and puts us in
a strong position to successfully refinance the remaining 2026
Notes. We have reduced gross debt by almost $400 million this year
and we remain on track to becoming a low-debt business with a
sustainable capital structure."
Capitalized terms used in this announcement but not defined
herein have the meanings given to them in the offer to purchase
dated November 15, 2023 (the "Offer to Purchase").
The Tender Consideration for each U.S.$1,000 principal amount of
Notes validly tendered on or prior to the Expiration Deadline and
accepted for purchase pursuant to the Tender Offer shall be
U.S.$920.00.
Pursuant to the terms of the Tender Offer, the settlement date
for the Notes tendered on or prior to the Expiration Deadline and
accepted for purchase will be December 20, 2023 (the "Final Payment
Date"). Holders will also receive with respect to any Notes validly
tendered and accepted for purchase accrued and unpaid interest on
such Notes from, and including, the last interest payment date
applicable to such Notes to, but not including, the Final Payment
Date.
Questions and requests for assistance in connection with the
Tender Offer should be directed to the Lead Dealer Managers :
ING Bank N.V., London Branch Standard Chartered Bank
1 Basinghall Avenue
8-10 Moorgate London EC2V 5DD
London EC2R 6DA United Kingdom
United Kingdom Attention: Liability Management
Attention: Liability Management Group Telephone: +1 212 667 0351 / +44 20 7885 5739 /
Telephone: +44 20 7767 6784 + 852 3983 8658 / +65 6557 8286
Email: liability.management@ing.com Email: liability_management@sc.com
The Co-Dealer Managers in connection with the Tender Offer
are:
Absa Bank Limited DNB Markets, J.P. Morgan Nedbank Limited The Standard
(acting through Inc. Securities (acting through Bank of South
its Corporate LLC its Nedbank Africa Limited
and Investment Corporate
Banking Division) and Investment
Banking Division)
Questions and requests for assistance in connection with the
Tender Offer may also be directed to the Information and Tender
Agent:
Information and Tender Agent
Morrow Sodali Limited
29/F. No. 28 Stanley 103 Wigmore Street 333 Ludlow Street
Street London W1U 1QS South Tower, 5(th)
Central Hong Kong United Kingdom Floor
Stamford, CT 06902
United States
Telephone: +44 20
Telephone: +852 2319 4513 6933 Telephone: +1 203
4130 658 9457
Email: tullowoil@investor.morrowsodali.com
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END
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December 15, 2023 04:37 ET (09:37 GMT)
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