Freshfields has advised Tullow Oil in relation to its offering of US$300 million of convertible bonds due 2021

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised Tullow Oil in relation to its offering of US$300 million of convertible bonds due 2021. Tullow Oil is a leading independent oil and gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges. The transaction settled on 12 July 2016.

The bond offering further diversifies Tullow Oil’s sources of funding, and the proceeds will be used for general corporate purposes and to fund capital investment in the group’s assets in West and East Africa. The deal was the first UK public equity-linked transaction, and one of the few UK plc capital markets transactions, since the Brexit referendum result.

Freshfields supported the Tullow Oil Legal Team, which was led by Rupert Rowland-Clark, Kevin Massie and Adam Holland.

The Freshfields team was led by partner Peter Allen, who was supported by partners Helen Buchanan, Sam Newhouse and Graham Watson.

Commenting on the deal, Peter Allen said:

“We are pleased to have assisted our long-standing client Tullow Oil with this successful transaction. Whilst the timing of the deal shortly after the Brexit referendum posed certain challenges, the transaction was well received and illustrates the strength of the capital markets as a fund raising platform, even in times of market disruption.”