Tullow Oil Secures Commitments For Extension of $250 Million Revolving Credit Facility
Tullow Oil has secured approvals from its lenders to extend the maturity of its Revolving Credit Facility (RCF) to June next year – 2025.
The credit facility worth $250 million, according to Tullow Oil, aligns with its lower headroom needs and objectives to reduce financing costs.
Commenting on the approval of credit maturity extension by lenders, Chief Financial Officer for Tullow Oil, Richard Miller quipped, “Extending the RCF is a key step in our refinancing plans. The facility size provides us with our targeted liquidity headroom whilst reducing overall financing costs.”
“The extension was materially oversubscribed, demonstrating Tullow’s strong and enduring relationships with our lenders and providing us with confidence as we progress our plans to address our remaining debt maturities,” he added.
Tullow Oil’s operations are focused on its West African producing assets in Ghana, Gabon and Côte d’Ivoire, alongside a material discovered resource base in Kenya. Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030
and has a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations.
