LONDON (dpa-AFX) - Tullow Oil PLC (TLW.L) has entered into a $400 million five-year notes facility agreement with Glencore Energy UK Limited. The facility will be available to draw for 18 months. The proceeds will be used for liability management of Tullow's senior notes maturing in March 2025.
Rahul Dhir, CEO, Tullow, said: 'The proceeds from this facility, together with cash on balance sheet and $800 million of free cash flow expected to be generated during 2023 to 2025, will allow us to fully address all outstanding 2025 Notes and positions us for a successful refinancing of the 2026 Notes.'
Tullow Oil also has entered into oil marketing and offtake contracts with Glencore for Tullow's crude oil entitlements from the Jubilee and TEN fields in Ghana and the Rabi Light entitlements in Gabon which run concurrently with the notes facility agreement.
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