LONDON (dpa-AFX) - Tullow Oil plc (TLW.L) said that it has commenced an offering of senior secured notes due 2026 and has received $600 million of commitments in respect of a super senior revolving facilities agreement maturing in December 2024.
The senior secured notes comprised of a $500 million revolving credit facility and a $100 million letter of credit facility.
The Notes and the Revolving Credit Facility will be senior secured obligations of the Company and will be guaranteed by certain of the Company's subsidiaries.
The company said it plans to enter into the Transactions and use the proceeds from the offering of Notes, together with cash on hand, to extend the maturity profile of its indebtedness
Separately, the proceeds from these Transactions will not be used to pay any amounts under the $800 million of 7% Senior Notes due 2025.
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