Tullow Oil said today it was offering notes worth $1.8 billion and had received $600m in commitments from lenders as part of a flagged debt refinancing.
The oil and gas exploration company said the senior notes are due in 2026, while the loan matures in 2024.
Tullow said the latest funding would be partly used to repay and cancel all outstanding amounts under its existing reserves-based lending facility.
In March, Tullow chief executive Rahul Dhir said he expected to reach a deal with creditors to extend 2021 and 2022 debt maturities, rather than change the amount of debt, in the first half of this year.
With net debt of about $2.4 billion at the end of 2020, Tullow had a market capitalisation of around $985m today.
