Tullow to issue €362m of debt

Tullow Oil is to issue a further $500m (€362m) worth of senior debt, with a six-year maturity life, with interest payable on a biannual basis.

The exploration company said yesterday that it will use the net proceeds from the latest debt offering to repay certain existing debt under the firm’s credit facilities, but won’t be cancelling commitments under such facilities.

It added that the interest rate, offering price and other terms will be determined at the time of pricing of the offering, subject to market conditions.