Tullow Oil made a significant advancement in its refinancing endeavour following the overwhelming support of bondholders.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd

Tullow Oil has taken a decisive step forward in its refinancing effort after securing overwhelming support from bondholders for a transaction designed to reshape its near-term debt profile.

In an update on Wednesday, the company said its consent solicitation relating to $1.285bn of 10.25 per cent senior secured notes due 2026 expired on April 21 with valid and unrevoked consents representing more than 99 per cent of the outstanding principal amount of the notes.

That level of support matters. It gives the independent energy group, whose core producing assets are in Ghana, a much firmer platform from which to execute a refinancing transaction that had become central to managing its balance sheet ahead of the 2026 maturity wall.

Source: newsthemegh.com