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Tullow Oil’s Dollar Bond Due 2026 Jumps amid Refinancing Agreement to Delay Repayment
February 23, 2026
Tullow Oil’s 10.25% dollar bond due May 2026 jumped higher by 8.5 points to trade at 88 cents on the dollar. It reached a refinancing agreement with the support of around two-thirds of its bondholders and lender Glencore Energy UK Ltd. to delay the principal repayment on the above bond. The bond has an amount outstanding of nearly $1.3bn. The agreement is also expected to help Tullow Oil boost its liquidity. The company has been in negotiations for several months with creditors regarding the restructuring of its debt. The proposed refinancing needs the support of more than 90% of bondholders to avoid court hearings. This comes amid deteriorating credit quality and other efforts to find funding avenues, including asset sales.
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