Cains has acted as Isle of Man legal counsel to Tullow Oil plc, a FTSE 250 independent energy company, on its offering of $1,800,000,000 senior secured notes due 2026 and its $600,000,000 super senior revolving credit facility maturing in December 2024; working alongside leading law firm, Latham & Watkins.

Tullow Oil, a FTSE 250 company, is an independent oil and gas exploration and production company focused on Africa and South America, with interests in over 50 exploration and production licences across 11 countries.

The company will use the proceeds of the notes to repay its existing reserves based lending facility, to redeem its senior notes due 2022 and to repay its convertible bonds due 2021.

Director Tristan Head led the Cains team on the bonds/capital markets aspects of the transaction, with support from Matthew Wilkinson and Holly McGarrigle, and director Steven Quayle led the Cains team on the credit facility aspects of the transaction with support from George Walmsley and Faye Devlin.

Commenting on the transaction, Tristan said: “Tullow Oil has been a longstanding and valued client of Cains and I am delighted that we have been able to assist Tullow in relation to this immensely important transaction for the group. It is also pleasing to be able to demonstrate our strength and depth of experience and our ability to assist clients on market leading, time sensitive transactions. We wish Tullow every success and look forward to continuing to support it as it moves forward to the next exciting stage of its development.”

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