Tullow Oil Agrees Refinancing with Glencore and Some Bondholders

Tullow Oil Plc has reached an agreement with some bondholders and lender Glencore Energy UK Limited that would allow the Africa-focused energy company to delay a looming debt repayment and boost its liquidity.

The cash-strapped oil and gas firm is due to repay a $1.3 billion bond in May and had been locked in negotiations for months with creditors about restructuring its debt. The agreement announced Friday has the support of around two-thirds of its bondholders and Glencore, which previously provided a $400 million lending facility.