Norton Rose Fulbright advises Tullow Oil plc on US$2.5bn reserves based lending facilities

Global law firm 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.

Neha Khosla, partner, Norton Rose Fulbright, commented:

“We are delighted to assist longstanding client, Tullow Oil plc, in achieving its strategic objectives through this refinancing. It demonstrates the strength and depth of our oil and gas and RBL practice in being able to meet the needs of our client on a large multi-jurisdictional RBL transaction of this nature.”

Nick Grandage, head of banking and finance for EMEA at Norton Rose Fulbright commented:

“This deal is a landmark one for the sector and Norton Rose Fulbright is very proud to have helped bring it to fruition working with Tullow Oil and its funders.”

Julia Ross, group head of finance at Tullow Oil plc commented:

“With the support of the Norton Rose Fulbright team, ably led by Neha Khosla, we were guided through the process and helped in closing the transaction in a timely and ordered fashion.”

The transaction was led by Neha Khosla, 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.

For further information please contact:

Meeta Campanaro, Senior PR Manager
Tel: +44 (0)20 7444 3097; Mob: +44 (0)7595 886 276
meeta.campanaro@nortonrosefulbright.com

Notes for editors:

Norton Rose Fulbright

Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.

Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.

Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg.

For more information, see nortonrosefulbright.com/legal-notices.