Tullow Oil PLC (LSE:TLW) told investors it has extended its Revolving Credit Facility (RCF) following lender approvals, moving out maturity to 30 June 2025.
Meanwhile, the facility was also reduced to $250 million as the company has lower needs.
"Extending the RCF is a key step in our refinancing plans,” Tullow chief financial officer Richard Miller said in a statement.
“The facility size provides us with our targeted liquidity headroom whilst reducing overall financing costs.
“The extension was materially oversubscribed, demonstrating Tullow's strong and enduring relationships with our lenders and providing us with confidence as we progress our plans to address our remaining debt maturities."