Tullow Oil Plc - Tender Offer (UMDA) - Results

Result of Tender Offer for 2025 Notes

19 JUNE 2023

Full announcement including disclaimers and offer restrictions available via Euronext

"Tullow has increased the aggregate Tender Consideration to $99,999,182.50.

The Final Acceptance Amount, representing the final aggregate principal amount of Reg S Notes accepted for Purchase by the Company pursuant to the Offer, is $166,537,000.

Tullow will use approximately $100.0 million of cash on balance sheet to fund the purchase of $166.5 million in aggregate principal amount of Reg S Notes. This transaction delivers a value accretion of $86.3 million from a combination of $66.5 million net debt reduction and coupon savings to maturity of $19.8 million.

Tullow elects to set the Maximum Purchase Price, as determined pursuant to the Unmodified Dutch Auction Procedure, at 65.00%, achieving a weighted average purchase price of 60.05%. The weighted average price of tender offers not accepted for purchase is 74.64%."

...

"As the aggregate principal amount of the Reg S Notes validly tendered up to and including the Maximum Purchase Price is above the Final Acceptance Amount, the Company has accepted for purchase Reg S Notes tendered at the Maximum Purchase Price subject to a Scaling Factor of 86.999%. In the event of any scaling on a pro rata basis where such scaling would result in either (i) the Company accepting Reg S Notes from the relevant Eligible Holder in an aggregate principal amount of less than $200,000 or (ii) the principal amount of Reg S Notes not purchased and returned back to the relevant Eligible Holder being an aggregate principal amount of less than $200,000 the Company has elected to accept such Tender Instructions in full, without applying a Scaling Factor."

...

---

Tullow launches Tender Offer for a portion of its 2025 Senior Notes

Tullow Oil plc announces its offer to purchase for cash its 7.00% senior notes due 2025 bearing ISIN: USG91237AA87 and CUSIP: G91237AA8 (the “Reg S Notes”) up to a total Tender Consideration of $75,000,000 at prices to be determined pursuant to an Unmodified Dutch Auction Procedure (as defined below)

12 JUNE 2023

Full announcement including disclaimers and offer restrictions available via Luxse

"June 12, 2023. Tullow Oil plc (referred to as the “Company,” “we,” or “us”), hereby announces an invitation to the Eligible Holders (as defined below) of its outstanding Reg S Notes to tender their Reg S Notes for cash (the “Offer”) for purchase by the Company at prices to be determined pursuant to an Unmodified Dutch Auction Procedure (as defined below) up to a Tender Consideration (as defined below) of $75,000,000 (although the Company reserves the right, in its sole discretion, to increase or decrease the proposed Tender Consideration), on the terms and subject to the conditions set forth in the offer to purchase dated June 12, 2023 (the “Offer to Purchase”) prepared in connection with the Offer."

...

"Purpose of the Offer

The Company is undertaking the Offer as part of its plan to optimize and proactively manage its cash, debt profile and capital structure. The Reg S Notes purchased by the Company pursuant to the Offer will be retired and cancelled.

Summary of the Offer"

...