Exploration company Tullow Oil has refinanced $2.5 billion of loans borrowed against its oil and gas reserves.
Tullow, which has a market value of around $3.1 billion, had net debt of $3.6 billion as of October 31, racked up during the oil downturn.
Africa-focused Tullow also said it had decided to reduce the commitments of its revolving corporate credit facility to $600m from $800m.
Les Wood, Tullow's chief financial officer, said the refinancing of its credit facility was a key objective for 2017.
"We are very pleased to have completed this process in line with stated guidance and ahead of our year-end target," Mr Wood said.
"Following this refinancing, we have no material near-term debt maturities and will enter 2018 in a strong financial position," he added.
