Linklaters has advised Glencore on a refinancing that Tullow Oil says will ease its near-term debt burden and give the company more room to carry out its investment plans. In April, the London-listed producer said the deal covered its $1.285 billion senior secured notes and Glencore’s $400 million facility, and that it had won overwhelming backing from noteholders after being put to a consent solicitation.

According to Linklaters, the package extends the maturity of the senior secured notes to 15 November 2028 and includes a $100 million debt paydown. Glencore’s existing secured notes will be replaced with $423 million of junior notes due 15 May 2030, while a separate $100 million super senior revolving cargo prepayment facility will also be made available by Glencore.

Tullow said the refinancing was designed to lengthen its debt profile, support its capital programme and create a steadier base for maximising value from its asset portfolio. The company also said it would strengthen governance by appointing at least three independent non-executive directors and creating a board sub-committee focused on value maximisation.

The deal marks another notable mandate for Linklaters’ restructuring and financing teams, which included Rowland Light, Toby Grimstone and Ewan Smith. Tullow said the transaction was expected to complete in the second quarter of 2026, and later market reports indicated that the refinancing was successfully closed with support from more than 99% of bondholders and Glencore.

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Source: Noah Wire Services