Tullow Oil said it has launched an offering of $300million of convertible bonds.
The company said the proposed convertible bond offering will further diversify Tullow’s sources of funding and the proceeds will be used for general corporate purposes.
The bonds are also expected to be used to fund capital investment in the group’s assets in West and East Africa.
Ian Springett, chief financial officer of Tullow Oil, said: “The proposed Convertible Bond issue will further diversify Tullow Oil’s sources of funding and give the company access to a new investor base.
“As per our most recent trading statement, our focus will continue to be on strengthening the balance sheet and deleveraging the business.”
The bonds will be issued by Tullow Oil and will be guaranteed by the company and certain subsidiaries of the company.