Tullow Oil PLC – Africa-focused oil and gas exploration and production company – Obtains approval from lenders to extend the maturity of its revolving credit facility until June 30, 2025. The facility has been resized to USD 250 million, reflecting the company’s reduced liquidity needs and focus on reducing financing costs. All other terms of the Facility remain unchanged.
Tullow says the extension is “significantly oversubscribed and underlines Tullow’s strong relationships with its lenders”. The company highlighted that the resized facility aligns with its targeted liquidity headroom while supporting its ongoing efforts to effectively manage debt maturities.
“The extension of the revolving credit facility is a key step in our refinancing plans. The size of the facility allows us to have the targeted liquidity headroom while reducing overall financing costs,” said Richard Miller, financial director.
Current share price: 22.86 pence, down 1.2% in London on Tuesday
Change over 12 months: down 40
By Eva Castanedo, journalist at Alliance News
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