IN BRIEF: Tullow Oil calls refinancing a "significant achievement"

Mon, 27th Apr 2026 20:32

Tullow Oil PLC - London-based oil and gas company - Says refinancing transaction is completed after receiving backing from over 99% of bondholders and Glencore PLC. Chief Executive Ian Perks calls "comprehensive refinancing agreement", a "significant achievement" for Tullow. "By extending maturities and reducing our cash interest payments, we have secured the financial foundation to execute our business plan and capture the full potential of our assets," he says. Under the deal, Tullow redeems USD100 million of its existing notes at par plus accrued and unpaid interest; releases the remaining existing notes; issues around USD1.19 billion senior secured notes due 2028; releases all obligations and liabilities under its existing USD400 million secured notes facility; issues USD423 million of junior secured notes pursuant to a subscription agreement; enters into a USD100 million new super senior cargo prepayment facility; and issues USD25 million of additional new notes to Glencore pursuant to a private placement subscription agreement.

Current stock price: 11.50 pence

12-month change: down 13%

By Jeremy Cutler, Alliance News reporter

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