Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Tullow lands $3.5b debt refinancing for major Ghana projects, others

UK oil explorer, Tullow, announced November 7, 2012 that it has closed a $3 billion refinance debt of Reserves Based Lend (RBL) credit facilities.

According to Tullow, this debt refinancing will give the company a solid foundation for funding its major projects in Ghana as well as other capital investments.

“In conjunction with our strong operating cash flows this will provide a solid foundation for funding our major development projects in Ghana as well as other capital investments,” said Ian Springett, Chief Financial Officer for Tullow.

According to the Jubilee oil operator, the arrangements were fully “committed, secured and revolving credit facilities and replaces the previous facility which was due to expire in 2015”.

The $3.5 billion of credit facilities, Tullow said in a statement, are split between a Senior Facility of $3.235 billion, a Junior Facility of $100 million, and an IFC facility of $165 million all with a final maturity of November 2019.

Tullow says it has an option to increase the Senior Facility by up to an additional $500 million subject to receipt of further lender commitments.

The facility documentation was signed October 31, 2012 by a syndicate of 27 international lenders, including the IFC, a member of the World Bank Group, the company indicated.

Mandated Lead Arrangers were BNP Paribas, Bank of America, Barclays Bank, Credit Agricole Corporate & Investment Bank, Deutsche Bank, DNB Bank, HSBC Bank, ING Bank, Lloyds TSB Bank, Natixis, Nedbank, Société Générale, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and The Royal Bank of Scotland.

ghanabusinessnews

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar