Tullow Oil PLC - Africa-focused oil & gas exploration and production company - Secures lender approval to extend the maturity of its revolving credit facility to June 30, 2025. The facility has been resized to $250 million, reflecting the company’s reduced liquidity needs and focus on lowering financing costs. All other terms of the facility remain unchanged.
Tullow says the extension is ‘materially oversubscribed and underscores Tullow’s strong relationships with its lenders’. The company emphasized that the resized facility aligns with its targeted liquidity headroom while supporting its ongoing efforts to manage debt maturities effectively.
‘Extending the revolving credit facility is a key step in our refinancing plans. The facility size provides us with our targeted liquidity headroom whilst reducing overall financing costs,’ says Chief Financial Officer Richard Miller.
Current stock price: 22.86 pence, down 1.2% in London on Tuesday
12-month change: down 40%
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