Tullow Oil PLC TLW Tullow secures US$3.5bn debt refinancing

  Tullow Oil PLC (TLW) - Tullow secures US$3.5bn debt refinancing

RNS Number : 5552Q
Tullow Oil PLC
07 November 2012

News Release

                Tullow secures US$3.5 billion debt refinancing

7 November 2012 - Tullow Oil plc  (Tullow) is pleased to announce that it  has 
closed the refinance of US$3.5 billion  of Reserves Based Lend ("RBL")  credit 
facilities. The arrangements are fully committed, secured and revolving credit
facilities and replace the previous facility which was due to expire in 2015.

The US$3.5 billion of credit facilities are split between a Senior Facility of
US$3.235 billion, a Junior Facility of US$100 million, and an IFC facility  of 
US$165 million all with a final maturity of November 2019. In addition, Tullow
has an option to increase  the Senior Facility by  up to an additional  US$500 
million subject to receipt of further lender commitments.

On Wednesday 31 October, facility documentation  was signed by a syndicate  of 
27 international lenders, including the IFC, a member of the World Bank Group.
Mandated Lead Arrangers include BNP  Paribas, Bank of America, Barclays  Bank, 
Credit Agricole Corporate  & Investment  Bank, Deutsche Bank,  DNB Bank,  HSBC 
Bank, ING Bank, Lloyds TSB Bank, Natixis, Nedbank, Société Générale,  Standard 
Chartered Bank, Sumitomo  Mitsui Banking  Corporation, and The  Royal Bank  of 

Ian Springett, Chief Financial Officer for Tullow commented today:

"We are very  pleased to  close these  arrangements which  will refinance  our 
existing RBL credit facilities. In conjunction with our strong operating  cash 
flows this will provide a solid  foundation for funding our major  development 
projects in Ghana  as well  as other  capital investments.  The very  positive 
support which we received from our relationship banks is welcome at a time  of 
continuing uncertainty in global capital markets."


Tullow Oil plc                    Citigate Dewe Rogerson Murray Consultants
(+44 20 3249 9000)                (+44 207 638 9571)     (+353 1 498 0300)
Chris Perry (Investor Relations)  Martin Jackson         Joe Murray

James Arnold (Investor Relations) Jack Rich              Ed Micheau

George Cazenove (Media Relations)

Tullow Group Overview

Tullow is a leading independent oil  & gas, exploration and production  group, 
quoted on the London, Irish and Ghanaian (symbol: TLW) stock exchanges and  is 
a constituent of  the FTSE  100 Index.  The Group  has interests  in over  100 
exploration and production licences  across 24 countries  and focuses on  four 
core areas: Africa, Europe, South Asia and South America.

For further information please refer to our website at www.tullowoil.com.

Follow Tullow on:

You Tube:www.youtube.com/TullowOilplc

                     This information is provided by RNS
           The company news service from the London Stock Exchange


MSCLLFELLSLDIIF -0- Nov/07/2012 12:30 GMT
Press spacebar to pause and continue. Press esc to stop.