Global law firm Norton Rose Fulbright has advised FTSE 250-listed company, Tullow Oil plc, in relation to the refinancing of its US$2.5 billion reserves based lending facilities and consequential amendments to its $600 million senior secured revolving credit facility.

A consortium of 18 commercial banks including ING, DNB, Natixis, BNP Paribas, Crédit Agricole, Lloyds Bank and Bank of China provided US$2.4 billion of the reserves based lending facilities. The IFC, a member of the World Bank Group, provided a further US$100 million.

The transaction, which is one of the largest reserves based lending transactions in the international market, involved over 30 Tullow entities operating in 11 jurisdictions.

Neha Khosla, partner, Norton Rose Fulbright, commented:

“We are delighted to assist longstanding client, Tullow Oil plc, in achieving its strategic objectives through this refinancing. It demonstrates the strength and depth of our oil and gas and RBL practice in being able to meet the needs of our client on a large multi-jurisdictional RBL transaction of this nature.”

Nick Grandage, head of banking and finance for EMEA at Norton Rose Fulbright commented:

“This deal is a landmark one for the sector and Norton Rose Fulbright is very proud to have helped bring it to fruition working with Tullow Oil and its funders.”

Julia Ross, group head of finance at Tullow Oil plc commented:

“With the support of the Norton Rose Fulbright team, ably led by Neha Khosla, we were guided through the process and helped in closing the transaction in a timely and ordered fashion.”

The transaction was led by Neha Khosla, principally assisted by Tom Meredith and Manhal Zaman. The team also included partners Dominic Stuttaford in tax, Sherina Petit and Philip Roche in disputes and arbitration, in addition to Wouter Hertzberger in Amsterdam, George Paterson in Paris, Michael Jürgen Werner in Brussels and Howard Gorman in Calgary.