Tullow Oil plc has secured the bondholder consents needed to complete its $1.285 billion debt refinancing, with holders representing more than 97% of the aggregate outstanding principal amount of its senior secured notes approving the transaction by the evening of April 7, 2026.
The company announced on Wednesday that the required threshold of at least 90% in aggregate principal amount had been obtained, clearing the last major procedural obstacle before settlement. The consent solicitation, which formally opened on March 25, 2026, remains open until 11:59 p.m. New York time on April 21, 2026, unless Tullow extends or terminates it.
Under the terms of the transaction, all noteholders will have a portion of their existing notes redeemed at par on April 23, 2026, and will receive accrued and unpaid interest on their share of the redeemed amount. On April 24, they will receive new notes, accrued and unpaid interest on the outstanding balance, and a 1% fee calculated against the aggregate principal outstanding at the expiration of the solicitation period.
The refinancing extends the maturity of Tullow’s existing 10.25% senior secured notes, originally due in May 2026, to November 2028. The deal also includes a minimum paydown of at least $100 million on closing, reducing the principal outstanding and easing pressure on the company’s balance sheet.
The transaction was first announced on February 20, 2026, when Tullow disclosed a binding Lock-Up Agreement backed by holders of approximately two-thirds of the notes and commodity trader Glencore Energy UK Limited. That figure crossed the 90% threshold within days, allowing the deal to proceed through creditor consent rather than English court proceedings.
Tullow’s operations are focused entirely on its offshore assets in Ghana, principally the Jubilee field and the Tweneboa, Enyenra and Ntomme (TEN) fields, which generated revenue of $847 million in 2025. The company holds working interests of approximately 39% in Jubilee. Its shares are listed on both the London Stock Exchange and the Ghana Stock Exchange (GSE) under the symbol TLW.
The refinancing removes the most immediate threat to Tullow’s continued presence in Ghana, providing a two-year financial runway to execute its 2026 drilling programme and pursue potential reserve additions. Earlier this year, Tullow also reached a resolution with the Government of Ghana on tax disputes and outstanding receivables, with a payment security mechanism established for gas revenues to improve cash flow visibility.
