Tullow Oil - comment

Last man standing, and not as planned. The Senior Secured Notes, issued with a springing maturity and other protections, now find themselves the last man standing, as the RCF has been fully repaid and cancelled. Earlier this year, the Senior Notes (sub notes) were repaid at maturity in March. The Glencore facility still remains, subordinated to the Senior Secured Notes, but Glencore enjoy trading benefits from its lending relationship, which bolsters its economics. 

Tullow announced that it has completed the sale of its Gabon assets, with the proceeds used to repay the RCF drawings. The Gabon sale was announced in May, with proceeds of $307 million in line with guidance.