REG - Tullow Oil PLC - Tullow refinances Norwegian loan facility <Origin Href="QuoteRef">TLW.L</Origin>

Tullow OilAnnouncement

06/09/2014 02:19

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RNS Number : 5377J
Tullow Oil PLC
13 June 2014 
 
News Release 
 
Tullow refinances its Norwegian exploration loan facility 
 
13 June 2014 - Tullow Oil plc (Tullow) is pleased to announce that it has
refinanced its NOK 2 billion (ca. $330 million) Norwegian exploration loan
facility and that it has successfully increased the size of the facility to
NOK 3 billion (ca. $500 million) and extended the availability to the end of
2017. 
 
The arrangement is a fully committed revolving credit facility, and replaces
the previous facility, arranged for Spring Energy before its acquisition by
Tullow, whose availability was due to expire in December 2014. DNB and SEB
acted as Bookrunners and Coordinating Banks for this facility which was
significantly oversubscribed. 
 
Mandated Lead Arrangers are DNB and SEB, Senior Lead Arrangers are BNP
Paribas, Sparebank1 SR-Bank and Swedbank, Lead Arrangers are ABN Amro, Bank of
America Merrill Lynch, Commonwealth Bank of Australia, Credit Agricole
Corporate & Investment Bank, Danske Bank, Deutsche Bank, HSBC Bank, ING,
Société Générale, SMBC and The Royal Bank of Scotland. 
 
Ian Springett, Chief Financial Officer, Tullow Oil plc, commented today: 
 
"This NOK 3 billion facility provides pre-funding for approximately 75% of our
exploration and appraisal investment on the Norwegian Continental Shelf. The
significant oversubscription demonstrates the strength of our banking
relationships and our ability to access debt capital markets. We remain in an
excellent position to fund all our activities across the portfolio with strong
liquidity and considerable financial flexibility." 
 
FOR FURTHER INFORMATION CONTACT: 
 
 Tullow Oil plc (London)(+44 20 3249 9000)Chris Perry (Investor Relations)James Arnold (Investor Relations)George Cazenove (Media Relations)  Citigate Dewe Rogerson(London) (+44 207 638 9571) Martin JacksonShabnam Bashir  Murray Consultants (Dublin)(+353 1 498 0300) Pat WalshJoe Heron  
 
 
Notes to Editors 
 
Tullow Oil plc 
 
Tullow is a leading independent oil & gas, exploration and production group,
quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW) and is
a constituent of the FTSE 100 Index. The Group has interests in over 140
exploration and production licences across 24 countries which are managed as
three regional business units: West & North Africa, South & East Africa and
Europe, South America and Asia. 
 
Follow Tullow on: 
 
Twitter: www.twitter.com/TullowOilplc                                        
You Tube: www.youtube.com/TullowOilplc 
 
Facebook: www.facebook.com/TullowOilplc                                
LinkedIn: www.linkedin.com/company/Tullow-Oil 
 
IR App: bit.ly/TullowApp                                                      
             Website: www.tullowoil.com 
 
This information is provided by RNS
The company news service from the London Stock Exchange