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Tullow Oil offers to buy some 2026 notes for up to $100 million
By Marisa Wong
Los Angeles, Nov. 15 – Tullow Oil plc is inviting holders of its $1.6 billion outstanding 10¼% senior secured notes due 2026 (ISIN: USG91237AB60) to tender their Regulation S notes for purchase for cash, up to an aggregate cash consideration of $100 million, according to a notice.
Pricing will be determined through an unmodified Dutch auction procedure. The minimum purchase price is 89.125.
The company will also pay accrued interest.
The company said it reserves the right to significantly increase or decrease the offer cap.
Non-competitive tenders – tenders that do not specify a purchase price or specify a purchase price less than or equal to the minimum price – have priority in acceptance over competitive tenders – those that specify a purchase price greater than the minimum price.
Tenders may be subject to proration.
Tender instructions are irrevocable except in limited circumstances.
The offer only covers the Regulation S notes of the series; the Rule 144A notes (ISIN: US899415AG89) of the same series are excluded.
The offer expires at 11 a.m. ET on Nov. 29. Results will be announced on the following business day.
Settlement is slated for Dec. 4.
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.
The company said it is carrying out the tender offer as part of its plan to optimize and proactively manage its cash, debt profile and capital structure. Notes purchased under the offer will be retired and canceled.
Tullow is an independent oil and gas, exploration and production group based in London.
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