Tullow Oil plc’s $2.5 Billion reserves based lending facilities

Norton Rose Fulbright has advised FTSE 250-listed company, Tullow Oil plc, in relation to the refinancing of its US$2.5 billion reserves based lending facilities and consequential amendments to its $600 million senior secured revolving credit facility.

A consortium of 18 commercial banks including ING, DNB, Natixis, BNP Paribas, Crédit Agricole, Lloyds Bank and Bank of China provided US$2.4 billion of the reserves based lending facilities. The IFC, a member of the World Bank Group, provided a further US$100 million.

The transaction, which is one of the largest reserves based lending transactions in the international market, involved over 30 Tullow entities operating in 11 jurisdictions.

The transaction was led by Neha Khosla (Picture), principally assisted by Tom Meredith and Manhal Zaman. The team also included partners Dominic Stuttaford in tax, Sherina Petit and Philip Roche in disputes and arbitration, in addition to Wouter Hertzberger in Amsterdam, George Paterson in Paris, Michael Jürgen Werner in Brussels and Howard Gorman in Calgary.

Involved fees earner: Neha Khosla – Norton Rose Fulbright; George Paterson – Norton Rose Fulbright; Nick Grandage – Norton Rose Fulbright; Wouter Hertzberger – Norton Rose Fulbright; Michael Jürgen Werner – Norton Rose Fulbright; Howard Gorman – Norton Rose Fulbright; Dominic Stuttaford – Norton Rose Fulbright; Sherina Petit – Norton Rose Fulbright; Philip Roche – Norton Rose Fulbright;

Law Firms: Norton Rose Fulbright;

Clients: Tullow;