Tullow Oil reaches over US$1 billion reserve-based loan agreement with banks - Panorama Insurance Brokers

Tullow Oil reaches over US$1 billion reserve-based loan agreement with banks

U.K. based multinational oil and gas exploration company Tullow Oil said on Friday it has been able to finalise a more than US$1 billion reserve-based loan agreement with banks. The company has been reviewing its business plan and operating strategy with lending banks within its RBL and their financial advisers, as well as with the financial advisers of the 2021 convertible bond holders and the 2022 bond holders, over the past few weeks.

“This plan is expected to generate material cash flow, which will enable reduction of the Group’s current debt levels and creates the foundation to address near-term debt maturities,” the company said.

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