Tullow Oil expands cap to accept all notes due 2026 tendered

Chicago, Nov. 30 – Tullow Oil plc announced the results of its modestly oversubscribed tender offer for up to a $100 million aggregate cash consideration of the $1.6 billion outstanding 10¼% senior secured notes due 2026 (ISIN: USG91237AB60), according to a notice.

The offer was open to holders of the Regulation S notes.

The company increased the aggregate tender consideration to $102,515,736.25 to accept the $114,755,000 principal amount of notes tendered.

The maximum purchase price was 90.5, determined through an unmodified Dutch auction. The average purchase price was 89.334. Accrued interest is also being paid.

According to the company’s press release, the buyback delivers a value accretion of $41.1 million from a combination of $12.2 million net debt reduction and coupon savings to maturity of $28.9 million.

Settlement will be Dec. 1, earlier than the previously announced Dec. 4.

The purchased notes will be retired or canceled.

The offer expired at 11 a.m. ET on Nov. 29.

ING Bank NV, London Branch (+44 20 7767 6784; liability.management@ing.com) and Standard Chartered Bank (+44 20 7885 5739, +65 655 78286, +852 398 38658; liability_management@sc.com) are the lead dealer managers. Absa Bank Ltd., DNB Markets, Inc., J.P. Morgan Securities plc, Nedbank Ltd. and Standard Bank of South Africa Ltd. are co-dealer managers.

Morrow Sodali Ltd. (+852 2319 4130, +44 20 4513 6933; tullowoil@investor.morrowsodali.com; https://projects.morrowsodali.com/ tullowoilSSN) is the information and tender agent.

Tullow is an independent oil and gas, exploration and production group based in London.

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