(Adds detail)
April 29 (Reuters) - Tullow Oil Plc said on Thursday
it was offering notes worth $1.8 billion and had received $600
million in commitments from lenders as part of a flagged debt
refinancing.
The British oil and gas company said the senior notes are
due in 2026, while the loan matures in 2024. It said the latest
funding would be partly used to repay and cancel all outstanding
amounts under its existing reserves-based lending facility.
In March, Tullow Chief Executive Rahul Dhir said he expected
to reach a deal with creditors to extend 2021 and 2022 debt
maturities, rather than change the amount of debt, in the first
half of this year.
With net debt of about $2.4 billion at the end of 2020,
Tullow had a market capitalisation of around $985 million on
Thursday.
(Reporting by Pushkala Aripaka in Bengaluru and Shadia Nasralla
in London; Editing by Krishna Chandra Eluri and Edmund Blair)
Tullow Oil (TLW)
