Tullow Refinances $2.50 Billion in Credit Facilities

Tullow Oil PLC (TLW.LN) said Wednesday that it has refinanced $2.50 billion of credit facilities.

The company said that the fully committed facilities are revolving, with a three-year grace period and a final maturity of November 2024.

Tullow has also decided to reduce the commitments of its existing revolving corporate-credit facility to $600 million from $800 million, it said.

The joint effect of both moves will be to leave it with total headroom of $900 million, with no material near-term debt maturities, Tullow added.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

November 29, 2017 02:29 ET (07:29 GMT)