Tullow refinances its Norwegian exploration loan facility
LONDON, United Kingdom -- Tullow Oil reported that it has refinanced its $ 303 million Norwegian exploration loan facility and that it has successfully increased the size of the facility to $459 million and extended the availability to the end of 2017.
The arrangement is a fully committed revolving credit facility, and replaces the previous facility, arranged for Spring Energy before its acquisition by Tullow, whose availability was due to expire in December 2014. DNB and SEB acted as Bookrunners and Coordinating Banks for this facility which was significantly oversubscribed.
Mandated Lead Arrangers are DNB and SEB, Senior Lead Arrangers are BNP Paribas, Sparebank1 SR-Bank and Swedbank, Lead Arrangers are ABN Amro, Bank of America Merrill Lynch, Commonwealth Bank of Australia, Credit Agricole Corporate & Investment Bank, Danske Bank, Deutsche Bank, HSBC Bank, ING, Societe Generale, SMBC and The Royal Bank of Scotland.