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US$350 Million Additional Debt Funding Secured

Source: www.gulfoilandgas.com 10/15/2010, Location: Europe

Tullow Oil plc announces that it has finalised and closed arrangements for an increase of US$350 million to its existing US$250 million corporate revolving credit facility, with the amended facility commitments now totalling US$600 million in aggregate.

On Thursday 14 October the amended US$600 million secured debt facility was closed with Bank of Scotland Plc, BNP Paribas, Credit Agricole Corporate & Investment Bank, HSBC Bank Plc, ING Bank N.V., Natixis, Société Générale, Standard Bank Plc, Standard Chartered Bank, and The Royal Bank of Scotland plc participating as mandated lead arrangers.

The amended and increased debt facility will supplement Tullow's existing US$2.5 billion reserve based lend debt arrangements, providing additional funding capacity and flexibility for the Group's future capital programmes.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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