Latham & Watkins Advises on Tullow Oil’s US$2.4 Billion Debt Refinancing

Latham & Watkins advised Tullow Oil plc, a large UK listed independent energy company on the refinancing of its c. US$2.4 billion debt. This included the issuance of US$1.8 billion senior secured notes due 2026 and a US$600 million super senior revolving credit facility due 2024 which refinanced a reserve based lending facility, listed English law convertible notes and senior unsecured notes.

Latham’s London team advised Tullow Oil on every aspect of this large and complex reorganization and refinancing, with a US capital markets team led by partners Jennifer Engelhardt and Matthew Schneider with associates James Mac Sweeney and Caleb Hayhoe; an RSS team led by partner Simon Baskerville with associates, Jack Isaacs, Greg Whitaker, and Hafza Hussein; a corporate M&A team led by partner Sam Newhouse with associate George Venables; a finance team led by partners Chirag Sanghrajka and Fergus O’Domhnaill with associates Lucy Haworth, Jason Britto, Andrew Paisley, and Kasipeh Adu; a UK converts team led by partner Manoj Tulsiani and associate Amina Tsatiashvili; and a hedging team led by partner Shatha Ali and associate Yana Nastyushenko.