Law firm Ogier in Jersey has acted for the lenders in connection with amendments and an increase to approximately US$6.3bn in financing provided to the Tullow Oil Group.
The lenders (including BNP Paribas) increased their lending facility by $450 million, including a $200 million reserved based lending facility and $250 million corporate credit facility.
Amendments were also made to the facilities to address the risk of potential covenant breach due to oil price volatility and to allow investment in the production and development of assets in West Africa.
The Ogier team was led by Partner Chris Byrne with Senior Associate Peter Longstaffe and Associate Anna Cochrane. The English legal advisers were Herbert Smith Freehills LLP for the lenders and Norton Rose Fulbright LLP for Tullow Oil.