Tullow Oil Refinances $2.5 Billion Credit Line



Reuters

Nov 29 (Reuters) - Africa focused Tullow Oil Plc said on Wednesday it refinanced $2.5 billion of loans borrowed against its oil and gas reserves.

Tullow, which has a market value of around $3.1 billion, had net debt of $3.6 billion as of Oct. 31, racked up during the oil downturn.

Tullow also said it had decided to reduce the commitments of its revolving corporate credit facility to $600 million from $800 million.

($1 = 0.7467 pounds) (Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.