Tullow Oil refinances debt due for repayment

Tullow Oil has successfully refinanced a large element of debt originally due for repayment this year.

The exploration company founded in Ireland announced yesterday that it has refinanced a $500m (€364m) corporate revolving credit facility; increasing the size of the loan to $750m and extending its maturity from November of this year to April 2017.

“We have taken advantage of currently strong debt markets to increase our bank commitments, further diversify our sources of funding and extend the maturity of our debt,” said Tullow’s chief financial officer, Ian Springett, who added that as the company also benefits from strong cash flow from production, it is well-financed with strong liquidity and considerablefinancial flexibility.