Tullow Oil Refinances $2.5 Billion Credit Line | Gulf Coast Oil Rig Equipment & Repair
Nov 29 (Reuters) - Africa focused Tullow Oil Plc said on Wednesday it refinanced $2.5 billion of loans borrowed against its oil and gas reserves.
Tullow, which has a buy Wellhead market value of around $3.1 billion, had net debt of $3.6 billion as of Oct. 31, racked up during the oil downturn.
Tullow also said it had decided to reduce the commitments of its revolving corporate credit facility to $600 million from $800 million.
($1 = 0.7467 pounds) (Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)