V&E Advises Initial Purchasers, Super Senior Facility Lenders in Connection With Tullow Oil's $2.38B Refinancing
Vinson & Elkins advised the initial purchasers and super senior facility lenders in connection with Tullow Oil plc’s (the “Issuer”) $2.38 billion refinancing, consisting of an offering of $1.8 billion aggregate principal amount of 10.25% senior secured notes due 2026 (the “Notes”) and a super senior secured revolving credit facility comprised of a $500 million revolving credit facility and a $100 million letter of credit facility.
The Notes, which priced on May 06, 2021, will be used to (i) repay all amounts outstanding under, and cancel all commitments made available pursuant to, the Issuer’s existing Reserves Based Lending Facility, (ii) redeem in full the Issuer’s senior notes due 2022, (iii) at maturity repay in full and cancel the Issuer’s convertible bonds due 2021 and (iv) pay fees and expenses incurred in connection with the transactions, and will be the general senior secured obligations of the Issuer and be guaranteed by certain of the Issuer’s subsidiaries.
The V&E team was led by partners Noel Hughes, Lucy Jenkins and Jeff Eldredge with assistance from partner Alex Msimang, counsel Cason Moore, Christianne Williams and Chris Mathiesen, senior associates Nadine Amr, Nicole Hamill and John Stephen, and associates Marcus Martinez and Louise Fischel-Bock. Partner Wendy Salinas, counsel Andrew Callaghan, senior associate Byul Han and associate Simrita Chadha provided tax advice.
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