RE: Bonds14 Mar 2024 20:14
They've already used £130m of the Glencire facility....was in the 2023 results RNS
Borrowings
On 15 May 2023, the Group made a mandatory prepayment of $100 million of the Senior Secured Notes due 2026.
On 20 June 2023, the Group repurchased $167 million nominal value of Senior Notes due 2025 for $100 million cash consideration through an Unmodified Dutch Auction. A gain on early bond redemption of $65 million is recognised as other income in the income statement.
On 13 November 2023, Tullow announced that it had entered into a $400 million five-year notes facility agreement with Glencore Energy UK limited (Glencore). The facility is available for 18 months and proceeds are to be used for liability management of the Senior Notes due 2025.
On 1 December 2023, the Group repurchased $115 million nominal value of Senior Secured Notes due 2026 for $103 million cash consideration through an Unmodified Dutch Auction. A gain on early bond redemption of $11 million is recognised as other income in the income statement.
On 20 December 2023, the Group repurchased $141 million nominal value of Senior Notes due 2025 for $130 million cash consideration through a Modified Dutch Auction. The cash consideration was funded through an equivalent drawdown under the Glencore facility. A gain on early bond redemption of $10 million is recognised as other income in the Income Statement.
The Group's total drawn debt reduced to $2.1 billion, consisting of $493 million nominal value Senior Notes due in March 2025, $1,485 million nominal value Senior Secured Notes due in May 2026 and $130 million outstanding under the Glencore facility.
Management regularly reviews options for optimising the Group's capital structure and may seek to retire or purchase outstanding debt from time to time through cash purchases or exchanges in the open market or otherwise.
Sign In
Follow the stocks
