Tullow Oil plc has formally initiated the consent solicitation process required to complete its $1.285 billion debt refinancing, with holders of 99.48 percent of the notes already committed to supporting the transaction.
The London and Accra-listed energy company announced on Wednesday, March 25, that it had launched the solicitation seeking bondholder approval for a series of amendments to the terms of its 10.25 percent Senior Secured Notes due 2026, alongside amendments to the intercreditor agreement governing relations between creditor classes. The solicitation will expire at 11:59 p.m. New York time on April 21, 2026, unless Tullow extends the deadline.
The refinancing was first announced on February 20, 2026, with roughly two-thirds of noteholders and commodity trader Glencore Energy UK Limited backing the deal. That threshold rose above 90 percent within days, clearing the legal bar required to implement the transaction by creditor consent rather than through English court proceedings. As of Wednesday, 99.48 percent of noteholders had formally acceded to the lock-up agreement supporting the restructuring.
The consent solicitation seeks approval for three core amendments: changes to the original indenture governing the notes, revisions to the intercreditor agreement, and authorisation for the existing notes to be cancelled and replaced with new instruments issued to all holders, regardless of whether they individually participate in the consent process. Approval requires consent from holders representing at least 90 percent in principal amount of the outstanding notes.
Once the required consents are formally received, Tullow will notify GLAS Trust Company LLC as trustee, triggering what the company terms the Effective Time. At that point, Tullow and the trustee will execute supplemental indentures reflecting the agreed amendments, as well as an amended and restated intercreditor agreement. The company has cautioned bondholders that the Effective Time could fall before the April 21 expiration date without advance notice.
Tullow’s operations are centred entirely on its Ghanaian offshore assets, the Jubilee and Tweneboa, Enyenra and Ntomme (TEN) fields, which generated revenue of $847 million in 2025. The company holds working interests of approximately 39 percent in Jubilee. The refinancing is expected to complete in the second quarter of 2026, extending the maturity of the senior secured notes to November 2028 and providing the company financial runway to execute its 2026 drilling programme and resolve outstanding receivables owed by the Government of Ghana.
Tullow is listed on both the London Stock Exchange and the Ghana Stock Exchange under the ticker symbol TLW.
