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Davy Research

Tullow Oil

New notes facility marks a major turning point

Nov 13 2023, 09:00 GMT
Colin Grant
Company Report
6 page(s)

Sectors : Resource

Companies : Tullow Oil

Ratings and price correct at time of issue.

Tullow Oil

Closing Price: 30.4p
RATING 15/01/20
OUTPERFORM
PREVIOUS RATING 09/12/19

UNDER REVIEW

Person's Name

Colin Grant

Analyst

DAVY VIEW

Tullow has announced that it has agreed a five-year notes facility with Glencore for $400m. The proceeds can be drawn within the next 18 months and will be used for liability management. In conjunction with cash on hand and expected cash generation, this significantly de-risks refinancing bonds due in 2025 and 2026.

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Nov 13 2023, 09:00 GMT