Tullow plans £300m notes to repay debt

 
Suzie Neuwirth
TULLOW Oil, the FTSE 100-quoted energy explorer, yesterday said it plans to issue a $500m (£300m) bond to repay existing debt.

The company, which has seen its share price slide in recent months due to a stream of unsuccessful exploration activities across Kenya, Norway and French Guiana, said that interest will be payable twice per year on the senior notes due 2022.

The interest rate and yield will be determined when the debt facility is priced. Tullow Oil’s shares closed flat yesterday at 753p.